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Water Park Operator Gets Access to $11.5 Million Bankruptcy Loan

April 14, 2020, 9:11 PM

Apex Parks Group LLC received approval to tap an $11.5 million bankruptcy loan and expedite efforts to sell its national chain of resorts and amusement parks, with the company’s secured lenders as the lead bidder.

The U.S. Bankruptcy Court for the District of Delaware Tuesday gave the California-based company interim access to a Chapter 11 financing package consisting of about $4.6 million in new money from its pre-bankruptcy lenders.

The Justice Department’s bankruptcy watchdog, the U.S. Trustee’s Office, opposed Apex’s request to treat $6.8 million worth of old debt as part of the bankruptcy loan in the interim order. But ...