The government has also dipped its toes into Debtor-In-Possession financing through its bailouts of Chrysler and General Motors.

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"No one else could have provided the debtor-in-possession financing" to allow the companies to emerge from bankruptcy, he said.

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Borders is nearing a deal for so-called debtor-in-possession financing, which would keep the company operating in bankruptcy, the people said.

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In America, debtor-in-possession financing, which helps firms that have entered Chapter 11 bankruptcy protection to meet their cash needs while they reorganise, has dried up.

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Their first and most important fight will be over debtor-in-possession financing.

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With no new Fox deal, sources say McCourt is going to seek debtor in possession financing and voluntary bankruptcy protection like the Texas Rangers did prior to the sale of the team to a group led by Nolan Ryan and Chuck Greenberg from Tom Hicks.

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At most there might have been some government backing for DIP (Debtor In Possession) financing.

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The financing will be used to repay all claims under the debtor-in-possession post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.

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