Daily News: June 5, 2012

Court Approves RG Steel’s $50 Million Bankruptcy Loan

Flat-rolled steel manufacturer RG Steel received interim approval from U.S. Bankruptcy Judge Kevin Carey in the U.S. Bankruptcy Court in the District of Delaware to borrow $50 million debtor-in-possession financing led by Wells Fargo Capital Finance as agent.

Proceeds will be used to fund operations while it tries to sell its assets.

A BusinessWeek article said that Judge Carey called “milestones within the loan ‘aggressive,’ which the company must meet as part of the financing requirements.”

To read the article in its entirety, click here.

Previously on abfjournal.com:

RG Steel Files for Chapter 11, Seeks DIP Loan From WFCF, Friday, June 01, 2012