Mach Gen LLC won bankruptcy-court approval to tap a $200 million financing package from the lenders who are standing by to fund the electricity generator's exit from chapter 11 protection, the Wall Street Journal reported today. Bankruptcy Judge Peter Walsh on Wednesday authorized Mach Gen to tap into at least $55.7 million of the $200 million bankruptcy financing package from senior lenders including Beal Bank USA, court papers show. While Judge Walsh presided over Wednesday's hearing, Mach Gen's bankruptcy case has been assigned to Judge Mary F. Walrath. She will consider approving the full bankruptcy financing package at a March 28 hearing. The lenders, owed $627 million on loans they extended Mach Gen before its bankruptcy filing, have agreed to fund the chapter 11 case as well as convert all of their debt into a bankruptcy-exit facility.
