'Geek And Gamer' Supplier Loot Crate OK'd For $4M DIP Loan

Law360, Wilmington (August 13, 2019, 4:21 PM EDT) -- Subscription-based tech and popular culture goods supplier Loot Crate secured Delaware bankruptcy court approval Tuesday for a $4 million Chapter 11 interim debtor-in-possession loan, aimed in part at seeing the “geek and gamer” goods business through a warp-speed, 40-day sale schedule.

During a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon approved the loan as part of a brink-of-disaster bankruptcy case calling for a company sale process that will position DIP lender and top creditor Money Chest LLC as a bidder-to-beat “stalking horse,” with bids due by Sept. 10.

The California-based company, which caters to geek, gamer, tech and collectible...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!