Biosolid Recycler Synagro Wins Approval Of $30M DIP

Law360, Wilmington (April 25, 2013, 10:33 PM EDT) -- A Delaware bankruptcy judge on Thursday gave interim approval to private equity-owned Synagro Technologies Inc.'s $30 million debtor-in-possession facility and signed off on a slate of other first-day motions to keep the waste management company humming while it moves toward a Section 363 sale.

Owned by Carlyle Group LP, Synagro entered Chapter 11 on Wednesday with a DIP package in place and EQT Infrastructure II LP lined up as a $455 million stalking horse bidder.

U.S. Bankruptcy Judge Brendan L. Shannon gave his blessing to the...
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