The U.S. Bankruptcy Court issued an interim order approving Katy Industries’ D.I.P. financing motion.
As previously reported, “The DIP Facility is a secured, superpriority, debtor in possession, new money, non-amortizing, multiple draw term loan facility in the aggregate principal amount of $7,500,000. Loans under the DIP Facility shall be available in up to four installments, subject to the applicable conditions to borrowing thereunder.”
In addition, “Upon the entry of the Interim DIP Order and the closing of the DIP Facility on the closing date, subject to satisfaction of the applicable conditions to borrowing thereunder, up to $4,500,000 of the Commitment shall be made available by the DIP Lender pursuant to the Initial DIP Budget, subject to Permitted Variances. Upon the entry of the Final DIP Order, subject to the applicable conditions to borrowing thereunder, the balance of the Commitment shall be made available in up to three installments pursuant to the DIP Budget then in effect.”
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