Revstone Unit Metavation Gets OK For $9.5M DIP

Law360, Wilmington (July 24, 2013, 11:12 PM EDT) -- A Delaware bankruptcy judge on Wednesday gave Metavation LLC the green flag to enter proposed $9.5 million debtor-in-possession financing package, one of a slate of pleadings engineered to take the auto parts manufacturer from filing to closing in little more than a month.

Joining parent Revstone Industries LLC and three other affiliates as debtors in the Delaware court, Metavation filed for Chapter 11 Monday after lining up $25 million stalking horse agreement to sell the bulk of its assets to industry rival Dayco.

The proposed sale is...
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