July 31, 2018 – The Court hearing the Heritage Home Group case has authorized the Debtors request for interim debtor-in-possession (“DIP”) financing of up to $25 million to be provided by PNC Bank, N.A. in its capacity as administrative agent and collateral agent (the “DIP Lenders”) [Docket No. 46]. As previously reported [Docket No. 11], “The DIP Facility is a senior-secured revolving loan credit facility that provides the Debtors with critical funding, in the aggregate principal amount of up to $98.0 million to fund their operations in accordance with, and subject to, a budget approved by the DIP Lenders (the ‘Budget’). Subject to certain conditions precedent set forth in the DIP Credit Agreement, the Debtors may borrow up to $25.0 million on an interim basis under the DIP Facility following the entry of the Interim Order and up to $98.0 million under the DIP Facility on a final basis following entry of a Final Order.” The Court scheduled an August 27, 2018 hearing to consider the final hearing on financing, with objections due by August 20, 2018.
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