Starion Loses Bid To Bar Mass. AG's $30M Fund Attachment
Law360, Wilmington (December 17, 2018, 10:07 PM EST) -- Bankrupt electricity retailer Starion Energy Inc. lost its bid for a Chapter 11 injunction against the Commonwealth of Massachusetts Monday after a Delaware judge said the debtor was not in danger of suffering irreparable harm if the state’s attachment of $30 million owed to Starion were allowed to stand.
During a hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath said Starion had reported in its own financial projections that it had $1.5 million in cash available before making an interim draw of $3 million on its debtor-in-possession financing package, giving it plenty of liquidity to operate in the near term...
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