Tuesday, February 27, 2018 12:44:28 PM
Nobody said the debtor was the DIP lender. That would be completely illogical. How could a company in bankruptcy (the debtor) loan itself money to operate while they go to court to explain to their creditors they have no money to pay them with.
The link you provided gives you your clue. It defines what a DIP loan is - "A DIP loan is a loan to a company that commences a chapter 11 case, providing it with the liquidity it needs to operate and restructure while in bankruptcy. As investors are looking for ways to put money to work, they are setting their sights on the DIP loan market as a way to realize meaningful returns...."
Now ask yourself who has been supplying the funds the estate needed to pay unsecured creditors, taxes, court fees and professional fees? When you identify who that is you have identified the DIP lender. Its really no secret..the case identifies who it is up front. Next you add up how much they contributed $$$.
In exchange for their lifeline of cash, expertise and plan participation they expect something in return. DIP lenders dont lend out the goodness of their hearts...they want something in return. What might that something be? Control. How do you get control? You get shares ...lots of them. With shares comes votes. Votes are power. Power is control.
Good luck.
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