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