Judge Approves Broadview Networks’ Bankruptcy Loan

Broadview Networks Holdings Inc., a provider of phone, Internet and data services for businesses, won permission to borrow as much as $16.5 million of a $25 million loan after a fund run by Carl Icahn sought more information about its reorganization plan.

U.S. Bankruptcy Judge Shelley Chapman in Manhattan yesterday approved the loan from CIT Group Inc. on an interim basis to fund operations while Broadview is in Chapter 11. Broadview, which already has consent from most creditors for a so-called prepackaged plan arranged before the bankruptcy, will seek her approval for the plan at a hearing tentatively set for Oct. 3.

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