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Judge OKs Cash For Bankrupt Greeting Card Co.

Law360 (January 6, 2009, 12:00 AM EST) -- A judge said Monday that greeting card company Recycled Paper Greetings Inc. can obtain post-petition financing and utilize cash collateral as it races through its prepackaged bankruptcy and sale to American Greetings Corp.

In an order Monday, Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware authorized the Chicago-based company to obtain up to $10 million in financing. Credit Suisse Cayman Islands Branch is acting as the administrative agent for American Greetings, which is the lender and the proposed new owner of...
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