DirectBuy Gets Cash Collateral Access To Fund Sale Plans

Law360, Wilmington (November 3, 2016, 8:51 PM EDT) -- Membership buying service DirectBuy Holdings Inc. received Delaware bankruptcy court approval Thursday to gain access to its lenders’ cash collateral on a consensual basis and to use the money to fund its operations while it pursues a sale of its assets.

During a hearing in Wilmington, DirectBuy attorney Ilana Volkov of Cole Schotz PC told the court that its prepetition secured noteholders had agreed to let the company use its cash to get through a planned auction for the company’s assets. An ad hoc group of the lenders is serving as a stalking horse bidder, offering up a $10 million credit...

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