CHL Secures $20M Interim DIP Loan, Plans Quick Turnaround

Law360, Wilmington (August 31, 2012, 7:53 PM EDT) -- A Delaware bankruptcy judge on Friday approved a slate of first-day motions for CHL Ltd., including $20 million in interim debtor-in-possession financing, as the broadband equipment repair company embarks on what it believes will be a quick trip through Chapter 11.

Schenectady, N.Y.-based CHL and its Contec family of subsidiaries entered bankruptcy Wednesday in an attempt to restructure roughly $360 million in debt, a process the company believes can accomplished in short order thanks to a well-supported prepackaged plan.

“We hope to be in and out...
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