Bankruptcy judge approves $25 milion loan for Livent

Article Abstract:

The New York theater company that is running "Ragtime" on Broadway and has filed bankruptcy, is going to get a loan of $25 million to help it stay in business until summer 1999. Livent Inc. still had to lay off hundreds of employees and will cut administrative costs by 40 percent. The loan is being provided by Angelo, Gordon & Co. at an interest rate of 13.5%. The New York investment company was given the go-ahead by Judge Arthur J. Gonzalez after considering a charge of conflict of interest. Another lender, Farallon Capital Management, of California, offered to provide the loan at 12%.

Theater companies

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Livent gets $5 million from board; troubled company seeks more funds

Article Abstract:

Livent Inc. will be able to keep its current live stage performances open for 10 more days due to a loan of $5 million from some unnamed members of its board. "Ragtime" is still playing in Minneapolis and New York for now, but might have to close if bankruptcy reorganization doesn't work fast enough. The company's current owners are also suing founders Garth Drabinsky and Myron Gottlieb for $145 million claiming the two had practiced "widespread corporate fraud."

Theater

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