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Lucky Dragon Hotel & Casino Objection Filed

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Snow Covered Capital (SCC) filed with the U.S. Bankruptcy Court an objection to Lucky Dragon Hotel & Casino’s motion for the entry of interim and final orders authorizing the Debtors to obtain financing.

The objection asserts, “The Motion is yet another effort to force SCC to pay the estates’ professionals. Rather than seeking a surcharge as Debtors have attempted in the past, they are now seeking to subordinate SCC’s lien against Borrower’s assets to a $3 million DIP loan, the primary purpose of which is to pay the Debtors’ professional fees. The Debtors project that through the end of November 2018 they will incur operating losses of $2,162,208. [ECF 351-2 at 2]. Approximately three-fourths of that projected loss – $1,623,000 – is payment of estate professionals. When the professional fees are backed out of the losses, it becomes apparent that the Debtors need only $539,208 to subsidize their operating losses through November 2018. Neither Borrower nor SCC will receive any benefit from the proposed DIP financing.”

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The post Lucky Dragon Hotel & Casino Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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