PlusFunds Wins Interim Approval To Borrow On DIP Loan

Law360, New York (March 10, 2006, 12:00 AM EST) -- Hedge fund PlusFunds Group Inc., which slid into bankruptcy after Refco Inc.’s demise, received interim court approval this week to dip into a $1 million debtor-in-possession loan.

Judge Allan Gropper in the U.S. Bankruptcy Court for the Southern District of New York allowed the company to borrow $300,000 on the loan as it sells off its assets, pending a final DIP hearing set for March 23.

The judge also permitted PlusFunds to hire David Peress, crisis manager at XRoads Solutions Group LLC, as the fund’s chief...
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