Examples of Final DIP Financing Order in a sentence
On December 24, 2009, BNY filed a motion for the allowance and payment of a section 507(b) superpriority administrative expense claim (the “507(b) Motion”), asserting that the adequate protection granted to BNY pursuant to the Final DIP Financing Order failed, and that the resulting diminution in BNY’s secured claim created an entitlement to a superpriority claim in an amount not less than $361.5 million.
The Final DIP Financing Order granted security interests to the DIP Lenders that are senior to the preexisting security interests of the Senior Secured Credit Facility, the Bridge Loan Agreement, the ARCO Notes and the Equistar Notes (the prepetition secured debts hereinafter collectively, the “Primed Debt,” and the prepetition secured lenders hereinafter collectively, “Primed Parties”).
In addition, the Final DIP Financing Order authorized the Debtors to use cash collateral of the lenders under the Senior Secured Credit Facility and Bridge Facility.
However, the Bankruptcy Court advised that, prior to the next scheduled hearing in the case, the parties should explore the possibility of mutually resolving the case.K. The Committee Litigation and Settlement On June 15, 2009, as specifically contemplated by the Final DIP Financing Order, the Creditors’ Committee filed a motion to obtain standing to pursue various claims and actions on behalf of the Debtors’ estates (the “Standing Motion”).
On March 11, 2009, BNY had filed a motion for reargument, seeking to have certain findings contained in the Final DIP Financing Order “reconsidered” by the Bankruptcy Court.