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Debtor-in-possession financing |
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Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Proceeds of the DIP financing, along with cash generated from daily operations and cash on hand, will be used to fund post-petition operating expenses, such as supplier organizations and employee salaries. The DIP financing, in combination with the company's current invested cash, should provide sufficient liquidity to meet ongoing operating needs," the company stated in a news release. Such a legal proceeding currently would constitute an event of default under the existing DIP Financing. |
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