Reported 18 days ago
Franchise Group Inc. received temporary court approval to borrow up to $250 million from senior lenders to maintain operations while navigating bankruptcy. Bankruptcy Judge John Dorsey ruled in favor of the loan despite objections from two lower-ranking creditors, allowing the firm immediate access to $100 million. The company, which entered Chapter 11 with $2 billion in debt, aims to refinance older debt and sell itself as part of its restructuring plan.
Source: YAHOO