The U.S. Bankruptcy Court issued a final order approving Triad Guaranty’s motion to incur post-petition debt.
As previously reported, “The borrower is Triad Guaranty and the lender is William T. Ratliff, III. The maximum aggregate debt available is $20,000 for the final period….Maturity Date is the earliest of: (a) the date on which the United States Bankruptcy Court for the District of Delaware approves a debtor-in-possession lending transaction with any other lender, (b) the effective date of any plan of reorganization of Borrower, (c) the date of the conversion of the Borrower’s bankruptcy case to a case under chapter 7 of title 11 of the United States Code, or the dismissal of this bankruptcy case, and (d) the date on which all amounts under the Note shall become due and payable under section 3 of the Note.”
In addition, “Like most business decisions, the Debtor’s decision to obtain the postpetition financing will both confer a number of benefits on the Debtor and impose several obligations. The postpetition financing should provide the Debtor with sufficient capital to meet these certain critical and time sensitive needs as it attempts a restructuring.”
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