December 6, 2017 / 12:23 PM / 7 months ago

Property developer Woodbridge to start drawing on bankruptcy loan

The Woodbridge Group of Companies LLC, a developer of high-end property, won court approval on Tuesday to borrow $6 million for a day after it filed for Chapter 11 bankruptcy due to dwindling cash and a fraud investigation by regulators.

“The request here is a relatively modest one,” Judge Kevin Carey of the U.S. Bankruptcy Court in Delaware said at a hearing as he signed off on the borrowing and other first-day motions in Woodbridge’s case.

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