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TerraVia Interim DIP Financing Approved

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The U.S. Bankruptcy Court issued an interim order approving TerraVia Holdings’ post-petition secured financing motion scheduling a September 5, 2017 hearing to consider final approval.

The order states, “The interim financing is hereby approved. To prevent immediate and irreparable harm to the Debtor’s estates, the Debtors are hereby immediately authorized to draw upon the DIP Facility and borrow from the DIP lenders on the closing date in an aggregate principal amount of $5.0 million, the ‘Interim Financing’.” As previously reported, Wilmington Fund Savings Society is administrative agent. The financing motion notes, “The Debtors seek entry of interim and final orders: (a) authorizing the Borrower to enter into… the new money debtor-in-possession financing facility (the ‘DIP Facility’) in the aggregate principal amount of $10,000,000 to be funded by certain members of the Consortium (in their capacity as such, the ‘DIP Lenders’) on the terms and conditions set forth in the Interim Order and the DIP Documents.”

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