Longview Power Gets Nod For $150M DIP Package

Law360, Wilmington (November 21, 2013, 5:06 PM EST) -- Bankrupt coal plant operator Longview Power LLC got the green light Thursday for a crucial $150 million debtor-in-possession package, an agreement that quells a monthslong funding feud that had stalled progress in the Chapter 11 case.

Longview originally sought to finance its stay in Delaware bankruptcy court through the use of case collateral, a plan opposed by contractors who contested the company's right to draw on $59 million in disputed letters of credit.

The DIP deal represents the most important development to date and allows the...
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