RE:RE:RE:RE:RE:Chapter 11 or 15?I just re-read the PR from last week, below:
Tuscany has been engaged in discussions with its Senior Lenders regarding a restructuring of the loans outstanding under the Credit Agreement. Tuscany believes that a significant majority of its Senior Lenders support this restructuring, which would include a Chapter 11 or 15 filing in a U.S. court under the U.S. Bankruptcy Code and relief under the Companies' Creditors Arrangement Act ("CCAA") accompanied by the extension of new funds from certain of the Senior Lenders pursuant to a new debtor-in-possession credit facility (the "DIP Facility").
So they will restructure the exisitng credit facility and get a new DIP credit facilty from some of the new lenders. This is how i read it. They will have two facilities; the existing one and a DIP. The DIP then would have certain assets as collateral. Am I reading this right? Anyone.
ddd