Velti Secures $25M DIP Loan After Striking Creditor Deal

Law360, Wilmington (December 2, 2013, 7:03 PM EST) -- A Delaware bankruptcy judge gave final approval Monday for a $25 million revolving post-petition loan for U.S. units of mobile marketing firm Velti PLC after hearing the debtors had reached a settlement with the creditors committee that could provide the previously out-of-the-money unsecured creditors with a small recovery.

At a hearing in Wilmington, attorneys for Velti and post-petition lender GSO Capital Partners LP, the credit arm of The Blackstone Group LP, as well as the official creditors committee told U.S. Bankruptcy Judge Peter J. Walsh that...
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