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RE: LeoThread 2024-10-19 03:31

in LeoFinance21 hours ago

The court approved the loan on an interim basis on Friday, but with a caveat: if the sale doesn't close by December 31, Fluid Truck will be in default, and the lenders can liquidate the business. "This gives them a hammer to do something if [Fluid] blows past that deadline," said Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group. It's unclear how much Fluid Truck will be able to sell its assets for, but Stein-Sapir says it could be around the $7 million mark. This is bad news for any unsecured lenders, like FVIP members, who will be among those last in line to be paid back.