WL Homes' request for approval of $30.88 million DIP financing denied

By Caroline Salls

Pittsburgh, June 3 - WL Homes LLC's motion for final approval of its $30.88 million debtor-in-possession facility was denied Wednesday by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company had been granted interim access to $7 million of the DIP financing in early April, and the final hearing was postponed several times.

Judge Brendan L. Shannon said in Wednesday's filings that he considered objections to the DIP financing, but no exact reason for the denial was given.

WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19. Its Chapter 11 case number is 09-10571.

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