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Ironclad Performance Wear Bankruptcy Objection Filed

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Ironclad Performance Wear’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtors’ post-petition financing motion.

The committee asserts, “The Debtors apparently believe that the DIP Loan is necessary and the terms provided by Radians are preferable to a contested cash collateral request. While the Committee supports the Debtor’s request, the Committee is concerned that some of the terms of the proposed DIP Loan favor Radians-The DIP Lender and stalking horde bidder – and pose a significant risk of diminishing or even eliminating unsecured creditor recoveries.”

In addition, “Much of the Committee’s trepidation stems from the extraordinary powers Radians seeks from this Court; namely the authority to terminate the automatic stay to pursue far-reaching remedies following an Event of Default under the DIP Loan Agreement.”

Read more Ironclad bankruptcy news.

The post Ironclad Performance Wear Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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