Prepare For Takeoff: Creative DIP Financing

Law360, New York (May 12, 2011, 1:51 PM EDT) -- After more than 30 lenders declined to provide debtor-in-possession financing to Emivest Aerospace Corp.[1] — manufacturer of the world’s fastest, longest range and highest flying light business jet — the company obtained its necessary financing from an unlikely source: liquidators.

With a creative strategy to offset the risks of the loan and to provide a backstop to maximize the value of the assets in the event a sale is not consummated, the debtor, Hilco Industrial LLC, Hilco Real Estate LLC and Counsel RB Capital LLC, together...
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