Katy Industries Reaches Deal On Auction Timeline, DIP Plan

Law360, Wilmington (June 16, 2017, 7:02 PM EDT) -- Bankrupt storage unit maker Katy Industries Inc. resolved several objections Friday to get to consensual agreement on the company's bid procedures and post-petition financing package and gain court approval of those measures in Delaware.

During a hearing in Wilmington, Katy's attorney described a settlement of issues surrounding the company's auction timeline with the official committee of unsecured creditors, the Pension Benefit Guaranty Corp. and the U.S. trustee that would push back the process and reduce the size of bid protections.

“I’m pleased to report that we...
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