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| DesignLine is seeking $3 Million loan in order to fund NJ Transit order (282883) | |||
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DesignLine is seeking $3 Million loan in order to fund NJ Transit order |
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Posted by Gold_12th on Thu Aug 29 00:45:12 2013 Short article....Bankrupt Electric Transit Bus Co. Seeks $3M Ch. 11 Loan Electric and alternative fuel transit bus manufacturer DesignLine Corp., driven into bankruptcy after losing pledged funding connected to a major contract with New Jersey Transit, sought permission late Tuesday to obtain $3 million in post-petition financing from a group of funds managed by Cyrus Capital Partners LP. The North Carolina-based company intends to use the funds to help it put together either a going-concern sale of the business or a liquidation as it tries to dig itself out of about $40 million in debt, according to... To view the full article, take a free trial now. http://www.law360.com/articles/468570/bankrupt-electric-transit-bus-co-seeks-3m-ch-11-loan |
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