Bang Energy Gets $34 Million Lifeline Over Monster’s Objection
- Drink company will use cash to help pay bills in bankruptcy
- Monster argued loan will hurt lower-ranking creditors
Bang Energy beverages in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
A bankruptcy judge on Thursday said Bang Energy can tap $34 million of a new $100 million credit line to keep it afloat, sidestepping an objection from the energy drink maker’s larger rival, Monster Beverage Corp.
Bang, which filed for bankruptcy this week, will use the fresh cash to help pay its bills while searching for a more permanent solution to its legal and financial woes. Bang is getting the loan from a group of banks to which it already owes more than $350 million.