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The NORDAM Group – Interim DIP Financing Approved to Draw up to $25 Million, Use Prepetition Cash Collateral

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July 25, 2018 – The U.S. Bankruptcy Court has approved The NORDAM Group’s request to (i) enter into a superpriority senior secured revolving credit facility (the “DIP Financing”) in an aggregate principal amount of up to $45 million, with an interim authority to draw up to $25 million and (ii) the use of prepetition cash collateral [Docket No. 85]. The financing motion [Docket No. 5] includes the following detail: “The interest rate is at the option of the Borrower, at one of the following rates: (i) the Alternate Base Rate + 3.00% per annum or (ii) the Adjusted LIBOR for a one-month interest period + 5.50% per annum; default interest is at 2.0% above the applicable rate.” The Court scheduled a hearing to consider the DIP motion for August 27, 2018 with objections due by August 20, 2018.

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The post The NORDAM Group – Interim DIP Financing Approved to Draw up to $25 Million, Use Prepetition Cash Collateral appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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