U.S. Bankruptcy Judge James Peck in the U.S. Bankruptcy Court in the Southern District of New York has granted interim approval for Residential Capital (ResCap) to borrow $1.45 billion in debtor-in-possession financing provided by Barclays.

According to a BusinessWeek article, Judge Peck granted approval after first criticizing the request as he said there was insufficient evidence to make a legal finding. Noting it was just an interim approval, he conceded that the loan is necessary for the company to move forward in the Chapter 11 process.

ResCap was seeking “emergency” approval from Judge Beck to refinance two offshore debt pieces, but Peck said there was not “enough evidence to find t hat a part of the loan transaction involved a so-called true sale,” the article noted.

The company was in court yesterday seeking emergency approval to refinance two offshore debt instruments in order to free up cash being held as collateral for the debt.

Separately, Nationstar Mortgage Holdings announced in a press release that it has signed a definitive agreement to acquire certain residential mortgage servicing assets and other assets from Residential Capital and related entities in connection with ResCap’s proposed asset sale pursuant to a plan under the U.S. Bankruptcy Code.

Nationstar expects the acquired Mortgage Servicing Assets to total approximately $374 billion, including $201 billion in primary residential mortgage servicing rights and $173 billion in subservicing contracts, as measured by unpaid principal balances as of February 29, 2012, approximately $1.8 billion of related servicing advance receivables and certain other complimentary assets. The Transaction is expected to close in late 2012, subject to the conditions and auction process described below.

To read the BusinessWeek article in its entirety, click here.