Titan Capital.Titan Capital announced that it has provided a Debtor-in-Possession (DIP) bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most loan to Borda Products, Inc. ("Borda"), a medical distribution company located in the Mott Haven Section of the Bronx.Borda Products filed for Chapter 11 Bankruptcy Protection on June 20, 2007. Titan Capital's $5,700,000.00 DIP Loan will replace and consolidate default rate debt from Borda's pre-petition lender and allow Borda to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets by taking advantage of its highly-valued real estate, which is presently for sale through its' broker, Robert K. Futterman & Associates. This loan funded in less than one month with Roy C. Justice, Esq., of Konner Teitelbaum & Gallagher and Ronald Scott Kaniuk, Esq. of Taplin & Associates, P.A., representing Titan Capital. Marilyn Simon, Esq., of Marilyn Simon & Associates, represented the Debtor One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. , Borda Products, Inc. |
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