Taylor-Wharton Slams Objections To Its DIP Package
Law360, New York (October 27, 2015, 8:34 PM EDT) -- Taylor-Wharton International LLC asked the Delaware bankruptcy court on Tuesday to grant its debtor-in-possession financing package despite creditors calling it "egregious" because the financing is necessary to insure the cryogenics company's continued operation and sale.
The unsecured creditors committee earlier this week raised objections to the package, which includes a $13 million bankruptcy loan, saying that it was designed to "squeeze every cent" from the company and push through a quick sale process. Taylor-Wharton said a sale would result in the best outcome for everyone and that the proposed post-petition financing package was needed to complete a sale, as well as...
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