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Extract to table / memo-section-364-priming-analysis.docx
memo-section-364-priming-analysis.docx
Parties
HARKNESS LLP
Greenfield Agricultural Partners LLC
Ironclad Capital Partners LP
Ridgeline Opportunity Fund III LP
Bramblewood Credit Advisors LLC
Case Greenfield Agricultural Partners LLC
Keach LLP
Claridge Advisory Group LLC
Dates
May 17, 2025
May 15, 2025
May 22, 2025
June 19, 2025
May 20, 2025
March 15, 2025
April 14, 2025
December 31, 2024
January 31, 2025
May 1, 2025
Amounts
$175,000,000
$310,000,000
$72,300,000
$95,000,000
$382,300,000
$84,200,000
$22,700,000
$489,200,000
$3,681,250
$370,500,000
Obligations
Executive Summary This memorandum analyzes the legal standards that must be satisfied to obtain court approval of priming liens under 11 U
To invoke § 364(c), the debtor must first demonstrate that it is "unable to obtain unsecured credit allowable under section 503(b)(1)
The allocation of the burden of proof is significant: it is the debtor — not the existing lien holder — that must affirmatively demonstrate that adequate protection exists
Specifically, the debtor must show that it was unable to obtain credit: (i) as an administrative expense under § 503(b)(1) (i
Rather, courts have consistently held that the debtor must show that it made "reasonable efforts" to obtain financing on more favorable terms and was unable to do so
Equity Cushion Analysis The equity cushion analysis requires a comparison of the estimated value of the collateral against the total secured claims (pre-petition and DIP) that the collateral must support