Kid Brands, Creditors Reach Accord Over $49M DIP Loan
Law360, Los Angeles (August 5, 2014, 8:09 PM EDT) -- Bankrupt children's product manufacturer Kids Brands Inc. has reached an agreement with unsecured creditors to resolve the creditors' objection to its proposed $49 million in debtor-in-possession financing package, an attorney for the creditors said Tuesday.
The unsecured creditors committee's arrangement with the debtors and lender Salus Capital Partners LLP provides for the creation of a trust for the benefit of general unsecured creditors, according to the committee's attorney, Eric R. Wilson of Kelley Drye & Warren LLP. The agreement allows creditors to participate in the recovery from certain litigation claims that belong to the estate, Wilson said.
The parties read the...
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