Pappas Gets Another Week To Access Cash Collateral

Law360, New York (August 21, 2008, 12:00 AM EDT) -- A federal bankruptcy judge has approved a seventh interim order allowing bankrupt Pappas Telecasting Inc. to access cash collateral from a bridge loan even though the lender has not received $30 million promised by the company's CEO over two years ago.

On Wednesday, Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware agreed that the television broadcaster and its creditors could continue to access cash collateral from a prepetition loan provided by Fortress Capital Corp. in order to stay afloat as...
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