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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.