Law360, Wilmington, Del. (February 13, 2020, 6:07 PM EST) -- RentPath Holdings Inc. cleared first-step hurdles Thursday for the debt-burdened rental property marketer's proposed Chapter 11 sale to its largest competitor, securing interim Delaware bankruptcy court approval for the first $27 million of a $74.1 million debtor-in-possession loan.
U.S. Bankruptcy Judge Brendan L. Shannon's approval during the company's first court appearance gave the Georgia-based business access to cash provided by an ad hoc committee of first- and second-lien lenders who are owed $687.7 million.
The company sought Chapter 11 protection on Wednesday with about $700 million in debt, or more than 14 times its most-recent annual adjusted earnings. Plans call for...
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