WL Homes' $5.29 million interim DIP access extended through March 23 final hearing

By Jennifer Lanning Drey

Portland, Ore., March 9 - WL Homes LLC's interim access to $5.29 million of its $30.88 million in debtor-in-possession financing was extended to March 23, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing was also pushed back to March 23 from March 9.

As previously reported, WL Homes' official committee of unsecured creditors objected to the proposed financing from Emaar Corp. on the grounds that it impermissibly grants the lender adequate protection for its unsecured claims, including releases for insiders.

WL Homes previously said the DIP financing will allow it to pay employees, suppliers and service providers, continue development of real estate projects, preserve the going-concern value of its business and conduct an orderly sale of some assets.

WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19. Its Chapter 11 case number is 09-10571.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.