Lien Dispute Delays Theater Chain's Ch. 11 Loan Approval

Law360, Wilmington (September 11, 2019, 9:11 PM EDT) -- A dispute over the extension of liens to previously unencumbered assets of iPic Entertainment delayed court approval of the bankrupt luxury theater chain's post-petition loan facility Wednesday in Delaware, with a judge saying she needed more time to consider the loan terms.

During a lengthy hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber Silverstein said a disagreement among the debtor, its lenders and the official committee of unsecured creditors over the cross-collateralization of certain real estate assets had clouded the fairness of the $16 million debtor-in-possession loan.

Attorneys for the unsecured creditors committee argued that a handful of leasehold interests in properties...

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