Sunday March 16, 2014

Freedom aims to repay its borrowed money

CHARLESTON, W.Va. -- Freedom Industries wants to repay WV Funding the $3 million it initially borrowed and possibly work with the lender to find other funding, according to recent bankruptcy filings. This filing comes after one of Freedom's more recent hearings, where attorneys said the company hasn't needed to use the $3 million it previously borrowed from WV Funding LLC. Freedom agreed not to use this money through March 18. The company decided this after announcing it intended to wind down operations. However, attorneys said the company might not even need to use the money held in the estate's account. At that hearing, an attorney with WV Funding proposed negotiating a different type of loan in the future to handle expenses to reclaim the site. In Friday's documents, Freedom asked to withdraw the debtor-in-possession motion and repay proceeds to WV Funding. The documents note Freedom and the committee of unsecured creditors are discussing with WV Funding about an "alternative standby credit facility." Freedom notes it could ask the court to approve this alternate source of funding if environmental circumstances change. The final hearing on the financing motion is set for 10 a.m. March 18.

CHARLESTON, W.Va. -- Freedom Industries wants to repay WV Funding the $3 million it initially borrowed and possibly work with the lender to find other funding, according to recent bankruptcy filings.

This filing comes after one of Freedom's more recent hearings, where attorneys said the company hasn't needed to use the $3 million it previously borrowed from WV Funding LLC. Freedom agreed not to use this money through March 18.

The company decided this after announcing it intended to wind down operations.

However, attorneys said the company might not even need to use the money held in the estate's account. At that hearing, an attorney with WV Funding proposed negotiating a different type of loan in the future to handle expenses to reclaim the site.

In Friday's documents, Freedom asked to withdraw the debtor-in-possession motion and repay proceeds to WV Funding.

The documents note Freedom and the committee of unsecured creditors are discussing with WV Funding about an "alternative standby credit facility."

Freedom notes it could ask the court to approve this alternate source of funding if environmental circumstances change.

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Freedom aims to repay its borrowed money