Diamond Debtor-in-Possession Motion Granted
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The US Bankruptcy Court for the District of Delaware has granted, Kingston, Pa-Diamond movement of glass which can act in a “debtor-in-possession (DIP) agreement with Guggenheim Corporate Funding LLC during the Chapter 11 reorganization (click here to use the story.) The court ordered Diamond to borrow up to $ 3.1 million during the revolving credit commitment “in accordance with the budget and are subject to the requirements under the DIP credit agreement.” In a separate decision, the Court also Diamond’s motion to approve the company “, the review of certain prepetition debts to suppliers and service providers.” The payments are “[Diamond], in its sole discretion, and to a reasonable extent in the exercise of their activities, stop”. “We are very satisfied with the decisions of the Court yesterday,” said President Bill Cogswell Diamond in a press release this afternoon. “With the approval of new financing and cash income the current activities, we have more than enough resources and liquidity as normal conditions of use, while Chapter 11 of our cases. Our employees, our suppliers, our customers and other stakeholders dealing with us should be no difference in our day-to-day business. “ |