Bankruptcy Update: Lothian Oil, IdleAire and Room Source

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

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Lothian Oil plan on hold
Liquidating oil explorer Lothian Oil Inc.'s confirmed plan is on hold pending next week's hearing on a complaint filed by its disgruntled preferred shareholders. There will be a status conference with an ad hoc committee of preferred shareholders held on July 10 to discuss preferred equity holders lawsuit against Lothian to attempt to restore sold assets back into the estate. - Terry Brennan

IdleAire lands DIP loan
IdleAire Technologies Corp. won approval on its controversial $25 million debtor-in-possession loan led by Wells Fargo Bank NA. - John Blakeley

Room Source to liquidate
A California judge has blessed the liquidation of bankrupt Room Source LLC. The home furniture retailer will conduct store-closing sales over the next four to five months. - Ben Fidler

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