Bankrupt Pallet Co.'s $12M DIP Loan Bid Put On Hold

Law360, Wilmington (June 6, 2013, 8:17 PM EDT) -- Plastic pallet company iGPS Co. LLC hit a roadblock right out of the starting gate Thursday when a Delaware bankruptcy judge did not sign a crucial request for a $12 million post-petition loan that would help fund a quick sale to a private equity-led group.

U.S. Bankruptcy Judge Kevin Gross abruptly stopped a debate after listening to more than an hour of heated arguments over the debtor-in-possession financing motion, which at times had attorneys for the debtor, lender and U.S. Trustee's Office wrangling over tiny changes...
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