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Harvest Sherwood gets interim approval of DIP on second try after removal of roll-up — final hearing on 3 June

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Harvest Sherwood gets interim approval of DIP on second try after removal of roll-up — final hearing on 3 June

Zana Scarlett's avatar
  1. Zana Scarlett
1 min read

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On 12 May, at the continued hearing to consider Harvest Sherwood’s DIP motion, Judge Stacey Jernigan for the US Bankruptcy Court for the Southern District of Texas approved, on an interim basis, a $5m new money DIP without a rollup of prepetition debt and set a final DIP hearing for 3 June at 2:30pm ET.

At the first-day hearing on 9 May, Judge Jernigan had declined to approve the debtor’s request for interim approval of a $5m DIP with a roll-up of prepetition debt after the ad hoc creditors’ committee, Sprouts Farmers Markets, Inc.1970 Group, Inc., and the UST had all objected. Prior to the continued hearing, the debtor had submitted a revised form of DIP order removing interim approval for a roll-up. At the hearing, following brief oral argument, Judge Jernigan approved the debtor’s modified DIP request subject to submission of a further revised DIP order to remove a potential ambiguity identified by some of the objecting parties.

The parties will return to court for second day hearings, including on final DIP approval, on 3 June at 2:30pm ET.

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