ABB Lummus Gets Approval to Borrow Up To $320M

Law360, New York (May 22, 2006, 12:00 AM EDT) -- The federal judge overseeing Houston-based ABB Lummus Global Inc.’s bankruptcy proceedings has signed off on an order that will allow the company to stay in business while moving toward an exit from Chapter 11.

The order, signed Friday by U.S. Bankruptcy Judge Judith Fitzgerald, gives ABB Lummus the green light to borrow up to $320 million to cover operational costs like meeting payroll obligations and paying vendors while navigating through the Chapter 11 process.

“The ability of the debtor to obtain sufficient working capital and working...
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