On November 22, 2010, BNA Subsidiaries, LLC filed a notice with the Delaware bankruptcy court stating that it had reached an agreement with the lender for its debtor-in-possession (or DIP) financing facility on for the extension of a deadline set forth in the final order approving the financing facility. Specifically, paragraph 14(f) of the final DIP financing order, as previously amended, provided that it would constitute an event of default under the facility if BNA Subsidiaries failed to file a proposed plan of reorganization and disclosure statement by November 22nd. The agreed new amendment to that deadline extended it to December 6, 2010. The final DIP financing order, as amended, also requires a disclosure statement to be approved by January 14, 2011 and a plan to be confirmed and effective by March 4, 2011. Last week's notice did not provide for an extension of either of those deadlines. BNA Subsidiaries filed for chapter 11 bankruptcy protection in September of this year. The company is a wholly-owned subsidiary of The Bureau of National Affairs, Inc. (also known as BNA), which was not included in the chapter 11 filing. BNA Subsidiaries, LLC was formed on January 1, 2009 through the merger of Kennedy Information, Inc., which was acquired by BNA in 2000, and the Institute of Management and Administration, Inc. (or IOMA), which was acquired in 1997. For more on the bankruptcy filing and the company, please see an earlier post on the subject available here.
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