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October 23, 2018 – The Court hearing the Welded Construction case issued an interim order approving the Debtors’ request for a debtor-in-possession (“DIP”) financing facility [Docket No. 44] from lender North American Pipeline Equipment Company. The DIP facility provides for $10 million of borrowings on an interim basis and $20 million on a final basis. As previously reported [Docket No. 17], “During the period from entry of the Interim Order through and including the Final Order Entry Date (the ‘Interim Period’), and subject to the terms and conditions of the Interim DIP Order and the DIP Financing Documents, loans in an aggregate outstanding principal amount are not to exceed $10 million. The interest rate is 10% per annum; with default interest of 2% points above the interest rate per annum.” The Court scheduled a final hearing on November 19, 2018, with objections due by November 9, 2018.
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