TPC can transfer the debt into the DIP group

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By Rick Archer (June 2, 2022, 8:04 p.m. EDT) — A Delaware bankruptcy judge said Thursday he was inclined to approve $523 million in funding from Texas-based petrochemical maker TPC Group as part of the chapter funding. 11, claiming it allowed the deployment of hundreds of millions of pre-bankruptcy debt to be challenged in the package.

In an all-day virtual hearing, U.S. Bankruptcy Judge Craig Goldblatt said he would not change the stacking provision of the debtor’s financing proposal in possession of TPC despite objections from noteholders who claimed finance providers could use the provision to short-circuit a fight over which tickets should get priority for reimbursement.

“I can’t take a blue pencil and rewrite the DIP…

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