Borden Dairy Defends Use Of Cash Reserves In Ch. 11 Case

Law360 (January 22, 2020, 7:37 PM EST) -- Bankrupt milk supplier Borden Dairy Co. defended its proposed use of cash reserves Wednesday, telling a Delaware bankruptcy judge that lenders' claims that they have liens on the cash are unfounded and not supported by the loan documents governing the secured debt.

In a reply in support of various initial case motions up for final approval, Borden said there is no evidence that prepetition lenders KKR Credit Advisors LLC and PNC Bank NA have any liens on a cash reserve account held by the debtor. Borden intends to use the funds in that reserve account to supplement the cash collateral of...

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