Mall Security Firm Locks Up Final Approval For $12M DIP

Law360, Wilmington (September 5, 2013, 9:13 PM EDT) -- A Delaware bankruptcy judge gave final approval Wednesday to IPC International Corp.'s $12 million debtor-in-possession loan, allowing the mall security firm to move forward with a planned Chapter 11 sale to an industry rival.

Illinois-based IPC entered court protection last month after securing a $12 million DIP facility from prepetition lender PrivateBank and Trust Co. and $21.3 million stalking horse bid from rival Universal Protection Service LLC.

U.S. Bankruptcy Judge Mary F. Walrath signed off on the final DIP order Wednesday following a hearing in Wilmington...
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