Bankruptcy Update: Lionel, Thinkpath, Home Interiors, Empire Land

Here are some of the latest bankruptcy stories our reporters have been covering Wednesday morning on TheDeal.com. For more bankruptcy coverage, check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

Lionel motors out of Ch. 11
Lionel LLC emerged from Chapter 11 and will pay all of its creditors in full with $69 million in total financing commitments from prepetition lender Guggenheim Corporate Funding LLC and a holding company controlled by the late Martin Davis' estate, Train Acquisition LLC, Lionel's prepetition majority owner. - John Blakeley

Thinkpath can tap DIP loan
Bankrupt engineering designer Thinkpath Inc. won final approval on its $228,000 debtor-in-possession loan with Laurus Master Fund Ltd. - Terry Brennan

Home Interiors cleared to use cash
Home Interiors & Gifts Inc. has gotten the first part of its postpetition funding plan taken care of by winning cash collateral use. While the cash will help HIG stabilize its business, the company is in dire need of a $5.1 million debtor-in-possession loan from prepetition lenders NexBank SSB and Highland Capital Management LP. Now, it's looking to a May 19 hearing to win the financing to carry out its prenegotiated restructuring. - Ben Fidler

Empire Land gets costly DIP
Empire Land LLC has won a go-ahead from a California judge to enter into one of the most expensive debtor-in-possession loans ever. The real estate owner was permitted to tap into a $20 million loan from Palmdale Land Investors LLC. The lender is the debtor's partner in a development in Palmdale, Calif., called Anaverde LLC. The DIP is priced at 25%, making it the highest on record, according to BankruptcyInsider.com. - Ben Fidler

- The editors

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