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Patriot National Final Financing Approved

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The U.S. Bankruptcy Court issued a final order approving Patriot Nationals’ motion for entry of an order authorizing the Debtors to obtain post-petition financing, authorizing the use of cash collateral, granting liens and super-priority claims, granting adequate protection to pre-petition secured lenders and modifying the automatic stay.

As previously reported, “In consultation with their legal and financial advisors, PNI, as borrower, the remaining Debtors, as guarantors, and Cerberus Business Finance, LLC (the ‘DIP Agent’), as administrative and collateral agent for certain lenders (the ‘DIP Lenders,’ and, together with the Borrower and the Guarantors, the ‘DIP Parties’), have negotiated the DIP Facility. The Guarantors will provide guarantees of the obligations incurred by PNI under the DIP Facility….The DIP Agreement provides for a postpetition loan commitment in an aggregate principal amount not to exceed $15.5 million; provided that, until the Court enters the Final Order, no loans under the DIP Agreement shall be made other than loans in an aggregate principal amount not to exceed $5 million. Upon entry of the Final Order, PNI intends to borrow the amount necessary to repay the $4.955 million in Prepetition Collateral Agent Advances plus all fees, expenses and accrued and unpaid interest (including default interest) thereon.”

See more bankruptcy news on Patriot National.

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