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The Holt Group cleared a hurdle in its reorganization efforts last week when a federal bankruptcy judge in Wilmington, Del., gave preliminary approval to a new $15 million line of credit for the group.
Some creditors of the Holt Group, which includes the U.S. mainland-Puerto Rico carrier Navieras-NPR Inc., had initially objected to the new line of credit. They were concerned that language in the loan agreement meant that their existing loans and claims would be subordinate to claims by the new lender, Wells Fargo Business Credit.
But in negotiations that continued even as Judge Mary E Walrath was considering the matter, lawyers for the Holt Group, its …