High fees and interest rates have also helped to tempt some lenders into the debtor-in-possession market.

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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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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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If UAL can't meet the timetable, then debtor-in-possession lenders Bank One, J.

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

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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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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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