IGPS Creditors' Committee Says Ch. 11 Loan Budget Too Low

Law360, Wilmington (June 28, 2013, 5:31 PM EDT) -- Criticism of plastic pallet maker iGPS Co. LLC's bankruptcy strategy is mounting as the creditors' committee objected Friday to the company's bid for $12 million in post-petition financing, arguing that the loan's budget is too low to get the company through the Chapter 11 process.

The official committee of unsecured lenders doesn't dispute that iGPS should get some type of post-petition financing, but argues the bankruptcy loan offered by Crystal Financial LLC doesn't provide enough money to keep iGPS solvent through a proposed sale.

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