Magnetation LLC Bankruptcy New Filing Alert: Order Regarding The Motion For Authority To Obtain Debtor-In-Possession Financing

On May 7, 2015, an order regarding the motion for authority to obtain debtor-in-possession financing was filed in the bankruptcy case of Magnetation LLC and its affiliates.

The filing was assigned docket number 60 and is described on the court’s official docket as follows:

INTERIM ORDER (I) GRANTING AN EXPEDITED HEARING; (II) AUTHORIZING THE DEBTORS (A) TO OBTAIN POSTPETITION FINANCING PURSUANT TO 11 U.S.C. §§ 105, 361, 362, 364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1), 364(e) AND 507 AND (B) TO UTILIZE CASH COLLATERAL PURSUANT TO 11 U.S.C. § 363 AND (III) GRANTING ADEQUATE PROTECTION TO PREPETITION SECURED CREDITORS PURSUANT TO 11 U.S.C. §§ 361, 362, 363, 364 AND 507 (re:18 Motion for use of cash collateral) (Judy MNBS) (Entered: 05/07/2015)

Magnetation LLC filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on May 5, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Minnesota. The case number for the lead bankruptcy case is 15-50307. The bankruptcy case is currently assigned to United States Bankruptcy Judge Gregory Kishel. The law firm of Davis Polk & Wardwell LLP is acting as lead bankruptcy counsel to Magnetation LLC in the bankruptcy case.


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