PNC Presses Fight Over Borden Ch. 11 Cash With Complaint

Law360 (February 5, 2020, 4:26 PM EST) -- PNC Bank NA filed an adversary complaint late Tuesday in the Chapter 11 case of milk distributor Borden Dairy seeking a court determination that it has valid liens on a $26 million reserve account held by the debtor.

The reserve account has been at the center of a dispute among the lenders, Borden and its majority equity owner, Laguna Dairy, since the start of the Chapter 11 case, with the debtor maintaining that the account was completely unencumbered on the petition date. Borden sought permission to use its lenders' cash collateral to fund its bankruptcy case and was approved to use...

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