Testing Co. MedLab Gets Interim Nod For $5M DIP

Law360, Wilmington (October 29, 2013, 3:08 PM EDT) -- A Delaware bankruptcy judge on Tuesday blessed a $5 million debtor-in-possession loan for Laboratory Partners Inc., also known as MedLab, and other first-day motions designed to keep the clinical testing company afloat as it pursues Chapter 11 sales of its various units.

At a hearing in Wilmington, U.S. Bankruptcy Judge Peter J. Walsh approved the financing motion on an interim basis, which makes $2.85 million of the DIP available immediately and authorizes the debtors to use their cash collateral.

Access to the loan is critical, MedLab...
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