VeraSun Gets Approval To Tap $230M In DIP Funds

Law360, New York (December 5, 2008, 12:00 AM EST) -- Ethanol producer VeraSun Energy Corp. has received bankruptcy court approval to use a financing package of more than $230 million to help fund operations while the company reorganizes under Chapter 11 protection.

On Thursday, a judge in the U.S. Bankruptcy Court for the District of Delaware issued orders authorizing three separate debtor-in-possession financing arrangements, which will provide funding for many of the company’s plants.

The judge also issued an order Thursday allowing the company to tap into certain cash reserves in which creditor UBS AG has...
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