Assisted Living Chain Gets Nod On Initial Ch. 11 Loan – Law360

Law360 (June 23, 2021, 5:10 PM EDT) — The owner of a chain of assisted living facilities received court approval Wednesday from a Delaware bankruptcy judge to tap into a portion of a Chapter 11 loan that will be used to cover the initial costs of its bankruptcy case.

During a virtual hearing, CP Holdings LLC attorney Felice R. Yudkin of Cole Schotz PC said the debtor-in-possession financing being provided by prepetition lender Tor Asia Credit Master Fund LP was necessary to pay the professional fees the debtor anticipated incurring in the initial weeks of its Chapter 11 case, since its normal cash position had been reduced prior to…

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