Signal Gets Interim OK On $90M DIP Amid Auction Planning

A Delaware bankruptcy judge gave Signal International LLC the interim nod Tuesday to tap a portion of it’s $90 million debtor-in-possession financing as the company, plagued by labor trafficking claims, hopes to run a roughly 100-day sale process under Chapter 11 protection.

During a hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath agreed to let the oil and gas service and shipbuilding company have immediate access to $2.5 million of the DIP package being extended by a group of first-lien lenders

 

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