Coldwater Creek DIP Lender Says Creditors' Beef Is Baseless

Law360, Wilmington (May 20, 2014, 8:35 PM EDT) -- Bankrupt Coldwater Creek Inc.’s post-petition lender Wells Fargo Bank NA defended late Monday the up to $75 million debtor-in-possession loan it had extended to the debtor, calling the creditor committee’s accusations that it was unnecessary, and possibly entered into under pressure, unsubstantiated and baseless.

In a motion before the Delaware bankruptcy court, Wells Fargo argued that the budget for the DIP loan was prepared by the liquidating women’s clothing retailer and its professionals based on the chain’s historical performance and structured to provide liquidity while Coldwater...
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