Longview Power LLC's restructuring adviser said that the company will be out of cash, but allowed to borrow more, by next Friday if a judge doesn't approve $150 million in new financing from senior lenders, Dow Jones Newswires reported yesterday. Lazard Ltd. Director Tyler Cowan said in a court filing yesterday that the company's bankruptcy loan will "instill confidence" to both creditors and customers of Longview, which is trying to fix both its balance sheet and its coal-fired power plant. Cowan said that the agreement surrounding the company's current source of cash, from a subset of its lenders, would run out on Nov. 22. A hearing on the new financing is set for next Thursday, Nov. 21. The adviser said that the timing makes the $150 million bankruptcy loan — from lenders holding more than 60 percent of the company's senior debt — that much more imperative.
