Mesaba Gets $24M DIP Loan And Extension

Law360, New York (July 28, 2006, 12:00 AM EDT) -- Bankrupt Mesaba Aviation Inc. moved one step closer to getting its affairs in order Thursday when a judge gave it the green light to obtain $24 million in debtor-in-possession funding and signed off on an order extending its exclusive rights to file and solicit creditor support for a reorganization plan.

The revolving credit facility, which will come from Marathon Structured Finance Fund LP, is available for two years, or until Mesaba exits bankruptcy, whichever comes first, according to Mesaba spokesperson Jane Berg.

Mesaba’s new deadline to...
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