Judge: Weinstein company can pay bills, work toward sale

DOVER, Del. – A Delaware bankruptcy judge has issued initial orders allowing the Weinstein Co. to continue paying its bills and working toward a sale of substantially all of its assets.

Judge Mary Walrath’s rulings Tuesday included interim approval for the company to borrow up to $25 million to see it through bankruptcy, but only after she expressed concern about the loan terms in the face of a competing financing proposal.

After lengthy arguments by attorneys, Union Bank, the Weinstein Co.’s major existing lender and primary secured creditor, agreed to reduce the amount of upfront fees it was seeking to provide bankruptcy financing.