BusinessWeek reported that Houghton Mifflin Harcourt Publishing Co. received conditional permission from U.S. Bankruptcy Judge Robert Gerber in the U.S. Bankruptcy Court in the Southern District of New York to use $400 million of its $500 million DIP financing provided by Citigroup.
The company can use the loan to fund its operations during its 30-day restructuring, the article said.
The judge noted that he had drafting issues with the loan, but other than that, was fine with the company receiving interim approval to utilize the financing.
To read the BusinessWeek article in its entirety, click here.
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