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Secured Creditor |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.12 sec. |
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One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Seven months later, the firm defaulted on a loan from Citibank, its principal secured creditor, court papers say. Those receivables, which are needed to operate on a day-to-day basis, will be available only if the secured creditors agree, or in the absence of an agreement with a secured creditor, if the Court is satisfied that the secured creditors can be granted adequate protection The success or failure of this issue can torpedo a Chapter 11 proceeding. GE Capital, Baldwin's largest secured creditor, signed a contract to acquire the Baldwin assets in a credit auction on October 15, 2001, after the piano maker filed Chapter 11 bankruptcy in May 2001. |
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