Judge Approves $150M DIP Loan For WCI

Law360, New York (September 24, 2008, 12:00 AM EDT) -- Bankrupt home developer WCI Communities Inc. has received final approval to enter into a $150 million debtor-in-possession financing agreement that the company says it needs to operate its business while developing a Chapter 11 plan to restructure its balance sheet.

On Tuesday, Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware signed off on the loans provided by a group of financial institutions led by Wachovia Bank NA with Bank of America Corp. acting as collateral agent. The court also granted...
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