The U.S. Bankruptcy Court approved Ormet’s emergency motion on an interim basis (a) authorizing the Debtors to enter into a sixth amendment to the term loan D.I.P. credit agreement and (b) setting a final hearing. As previously reported, “The sixth term D.I.P. amendment would provide up to $5,000,000 in additional funding under the term loan D.I.P. credit agreement. Specifically, the sixth term D.I.P. amendment provides for the following: second additional delayed draw term loans of $5,000,000, which constitutes the supplemental D.I.P. financing. The total amount of funding under the D.I.P. term loan agreement will increase to $55,000,000, of which $15,000,000 was initially drawn pursuant to the initial term loan, $15,000,000 was drawn as delayed draws under the term loan D.I.P. credit agreement, $10,000,000 was drawn pursuant to the final order authorizing the Debtors to enter into an amendment to the term loan D.I.P. credit agreement; and $10,000,000 was or will be drawn pursuant to the final order authorizing the Debtors to enter into a fourth amendment to the term loan D.I.P. credit agreement authorizing the Debtors to enter into the second amendment to the revolving loan D.I.P. credit agreement.” The Court scheduled a final hearing on the amendment to be held on January 13, 2014.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.