Gardenburger will continue to operate its business in the ordinary course as debtor in possession
under the jurisdiction of the Bankruptcy Court and in accordance with applicable provisions of the United States Bankruptcy Code pending Bankruptcy Court approval of the Plan.
John Simmonds, Chairman & CEO of the Company, stated that: "We are pleased that we have successfully negotiated with the Debtor in Possession
Tioga Park, LLC to complete the transfer of title to the facility, thereby completing the transaction begun this past year when TrackPower's related entity purchased the underlying debt instruments from the Debtor in Possession
's secured lender.
today reported that it has received interim court approval to access a new $300 million debtor in possession
(DIP) financing package that was committed to it by a bank group led by Fleet National Bank and GECC Capital Markets Group, Inc.
Additionally, Oakwood was able to secure continued access to a $200 million loan purchase facility and $215 million in debtor in possession
facilities, which have provided liquidity during the bankruptcy proceedings.
Arranges for $15 Million of Debtor In Possession