Fox Helps Rescue Basketball City
Michael S. Fox and Fredrick J. Levy from Olshan's bankruptcy team scored a victory for client Basketball City U.S.A. They gained Bankruptcy Court approval for Basketball City to obtain $1.5M of DIP financing convertable to equity upon the confirmation of a plan of reorganization. A portion of the loan will enable Basketball City to continue its operations at multiple locations in Manhattan while it develops a new facility at Pier 36 north of the South Street Seaport. The remainder of the loan will be used to fund Basketball City's expansion. City hoopsters throughout the City cheered and The Deal.com ran an article for its subscribers. Excerpts may be found here.