Hearing in Trainor Glass Bankruptcy Case Continued to April 10
March 15, 2012

by Penny Stacey, pstacey@glass.com

A hearing in the Chapter 11 bankruptcy case of Trainor Glass to review a motion by the company to grant adequate protection and provide security and other relief to First Midwest Bank has been continued to April 10, according to court records.

The hearing originally was scheduled for 10 a.m. this morning. Trainor Glass had filed a motion shortly after its Chapter 11 filing last Friday requesting that the court authorize it to use the cash collateral in which First Midwest Bank holds an interest; obtain post-petition credit through debtor-in-possession financing; and provide and grant liens, security interests, superpriority claims and other adequate protection and relief to First Midwest.

According to court documents, First Midwest had made certain loans and other financial accommodations to Trainor Glass prior to the March 9 Chapter 11 filing, "including a revolving line of credit, term loans, letters of credit and equipment finance loans pursuant to that certain business loan agreement dated as of August 27, 2004, by and between Trainor and First Midwest." In addition, Trainor Glass had granted a first-priority lien and security interest in substantially all of its assets to First Midwest to secure the repayment of its loans to the bank, according to the motion. The amount indebted to First Midwest at the time of the filing was approximately $34 million.

Stay tuned to www.USGNN.com™ for more on this story as it develops.