Daily News: September 26, 2012

Court Grants Final Approval of Contec DIP Financing

U.S. Bankruptcy Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware has granted final approval of Contec Holdings’ $35 million debtor-in-possession (DIP) loan, a Bloomberg/BusinessWeek article said.

Judge Carey also slated a confirmation hearing for October 4 to approve the company’s reorganization plan. The plan details that $201 in debt will be converted to 80% in new equity and new second lien notes, the article said.

To read the Bloomberg/BusinessWeek article, click here.

Previously on abfjournal.com:

Contec Files Chapter 11, Barclays Provides $35MM DIP, Thursday, August 30, 2012