Hospital Laundry Co.'s Ch. 11 Loan, Bidding Procedures OK'd

Law360, New York (April 28, 2017, 4:09 PM EDT) -- Bankrupt medical laundry and linen management services company Angelica Corp. received final authorization Friday to tap a $65 million Chapter 11 loan and move forward with its agenda to sell the business to a KKR & Co. LP affiliate for $125 million or field a better offer at auction.

At a hearing in his Manhattan courtroom, U.S. Bankruptcy Judge James L. Garrity Jr. approved a spate of motions that permit Angelica to operate smoothly over the course of its Chapter 11 proceedings. Among those is a request to draw down the rest of a $65 million debtor-in-possession loan from Wells Fargo...

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