Bankrupt Chipmaker Conexant Wins Access To $15M DIP

Law360, Wilmington (March 1, 2013, 7:29 PM EST) -- Conexant Systems Inc. won approval in Delaware bankruptcy court Friday of a $15 million debtor-in-possession loan, part of a prepackaged plan designed to keep the private equity-owned microchip developer up and running as it moves toward a speedy reorganization.

U.S. Bankruptcy Judge Mary F. Walrath gave her blessing to the financing from secured noteholder QP SFM Capital Holdings Ltd. — which is backing Conexant's Chapter 11 plan under a restructuring support agreement with PE owners Golden Gate Capital and August Capital — and signed off on...
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