Borden Reaches Truce With Lenders Over Ch. 11 Cash Use

Law360, Wilmington, Del. (January 23, 2020, 8:03 PM EST) -- Bankrupt milk supplier Borden Dairy reached an agreement with its secured lenders Thursday in Delaware to extend its use of the lenders' cash to fund its Chapter 11 case after a bankruptcy judge said a dispute over liens on a cash reserve account needed more evidence before it could be decided.

During a hearing in Wilmington, debtor attorney D. Tyler Nurnberg of Arnold & Porter Kaye Scholer told the court near the conclusion of the proceedings that a deal had been reached between Borden, the unsecured creditors committee and secured lenders PNC Bank NA and KKR Credit Advisors LLC that will...

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