Ocala Funding obtains approval of $9 million Sovereign Bank settlement

By Caroline Salls

Pittsburgh, Feb. 14 - Ocala Funding, LLC received court approval of a settlement agreement with credit agreement lender and agent Sovereign Bank, NA, according to a Feb. 14 filing with the U.S. Bankruptcy Court for the Middle District of Florida.

Under the settlement agreement, Sovereign will pay $9 million in exchange for dismissal of adversary proceedings, the motion said.

Ocala Funding, an Orlando, Fla.-based financing vehicle, filed for bankruptcy on July 10, 2012. Its Chapter 11 case number is 12-04524.

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