ABB Receives Court OK To Tap $51M In Funding

Law360, New York (April 25, 2006, 12:00 AM EDT) -- The most recently bankrupt unit of Swiss engineering giant ABB Ltd. has received court approval to tap more than $50 million in financing to maintain operations during what the company plans to be a brief stint in Chapter 11.

The approval was granted to the company’s Houston-based oil and petrochemical technology service unit, ABB Lummus Global Inc., which filed a pre-arranged bankruptcy petition and plan April 21 in the U.S. Bankruptcy Court for the District of Delaware.

Bankruptcy Judge Judith Fitzgerald approved ABB’s request to tap,...
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