Thu 06/15/2023 15:51 PM
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A number of debtors that have recently filed for bankruptcy have relied on debtor-in-possession facilities to refinance bridge or rescue financing, including make whole premiums. A recent example is Diebold, which used its DIP to refinance a $400 million superpriority loan made just six months prior to the bankruptcy filing, including a $90 million make whole payment. Debtors argue that the payments are justified to avoid costly priming fights and that the payments made at the start of the...
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