The DIP loan becomes the senior loan so there seems little doubt it would not get repaid, especially in this case where the sale price is higher then the debt. So it seems like an easy case for a reputable lender to grant the DIP loan. Even if the sale price were less than the total debt the DIP loan is ahead of all the others.
Yeah the ME FIRST approach of management needs to be scrutinized closely, because clearly there was a LOT they could have done to reduce the chances of being in this situation. Remember how in the last cc call Mr. McGann talked about how they looked into how to solve their situation at great length, trying to coming up with all kinds of innovative solutions? If true that's great, but how much innovation does it take to see that reducing salaries or forgoing enormous bonuses would be helpful? I do wonder if that speech is an example of 'protesting too much'.
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