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‘Geek and Gamer’ Loot Crate Gets OK For $4M DIP Loan

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > ‘Geek and Gamer’ Loot Crate Gets OK For $4M DIP Loan

‘Geek and Gamer’ Loot Crate Gets OK For $4M DIP Loan

Law360, Wilmington (August 13, 2019, 4:21 PM EDT) — Subscription-based tech and popular culture goods supplier Loot Crate secured Delaware bankruptcy court approval Tuesday for a $4 million Chapter 11 interim debtor-in-possession loan, aimed in part at seeing the “geek and gamer” goods business through a warp-speed, 40-day sale schedule.

During a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon approved the loan as part of a brink-of-disaster bankruptcy case calling for a company sale process that will position DIP lender and top creditor Money Chest LLC as a bidder-to-beat “stalking horse,” with bids due by Sept. 10.

The California-based company, which caters to geek and gamer product and…

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