Renovate Gets $5M Interim Loan Hike As Sale Fight Looms
Law360 (January 22, 2021, 9:47 PM EST) -- Bankrupt home improvement lender Renovate America Inc. pushed off a looming fight with unsecured creditors over its Chapter 11 sale terms Friday after its bankruptcy lender and stalking horse bidder agreed to add one week and $5 million to its original $18 million interim loan deadline.
U.S. Bankruptcy Judge Laurie Selber Silverstein approved the changes after talks among the debtor, lender and prospective buyer Finance of America Mortgage LLC and Renovate's official committee of unsecured creditors stretched more than two hours past a scheduled hearing start.
"Generally speaking, in the broadest sense, what we need is to make sure we have...
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