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Ex-CEO Fails To Block White Stallion Cash Collateral
Law360 (January 28, 2021, 10:38 PM EST) A Delaware bankruptcy judge gave Indiana coal producer White Stallion Energy LLC permission Thursday to spend the cash backing its debts over the objections of a former CEO, who claimed a term lender is controlling the Chapter 11 case for its own benefit.
After a remote hearing lasting more than seven hours, U.S. Bankruptcy Judge Laurie Selber Silverstein said White Stallion s current management and lender Riverstone Credit Management had reached their agreement for the coal company to use Riverstone s cash collateral in good faith, and that ex-CEO Steven Chancellor can raise his claims against Riverstone later.