Pipe Maker PSL NA Gets Final Nod For $11.5M DIP

Law360, Wilmington (July 28, 2014, 9:46 PM EDT) -- A Delaware bankruptcy judge granted PSL North America LLC final approval of an $11.5 million debtor-in-possession package Monday after the industrial pipe manufacturer reached a deal with secured creditors concerned that their liens were being primed by the loan.

U.S. Bankruptcy Judge Peter J. Walsh blessed the revised and consensual DIP, which resolves questions of repayment priority and includes a $4 million boost to the stalking horse price, though he joked the resultant agreement was a tad knotty.

“This is the most complex DIP I’ve ever seen,” Judge Walsh said after signing the 70-page order at a hearing in Wilmington....

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