Knotel Approved to Borrow Initial $30 Million on Bankruptcy Loan

Knotel Inc., which manages and rents short-term office space, was granted approval to make an initial draw on its $40.8 million of proposed bankruptcy financing, a Delaware judge ruled.

• The debtor was also permitted to continue using its cash management system and pay employee severance, among other first-day requests related to its bankruptcy, Judge Mary Walrath ruled in a hearing Tuesday
  • Knotel filed for bankruptcy Jan. 31 with a plan to sell its assets to an affiliate of Newmark Group Inc. for $70 million, unless it receives a better bid that is approved by the court
• The company ...