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Samuels Jewelers – Court Approves Interim DIP Financing of $4 Million

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August 9, 2018 – The Court hearing the Samuels Jewelers case has authorized the Debtors request for interim debtor-in-possession (“DIP”) financing of up to $4 million. Wells Fargo and GBFC will serve as the DIP Lenders. [Docket No. 84].

As previously reported, [Docket No.13], “The Postpetition financing includes, (i) a senior secured superpriority revolving credit facility, with Wells Fargo serving as the DIP Working Capital Agent, in an aggregate principal amount of approximately $4,000,000 (provided that until delivery of the compliance certificate for the week ended August 12, 2018 in accordance with the DIP Credit Agreement, such amount shall be no greater than $1,500,000) in new money revolving loans on an interim basis and $100,000,000 following the entry of a Final Order (together, the ‘DIP Working Capital Facility’), (ii) up to $500,000 for the issuance of new letters of credit, which amount shall be a sublimit of the DIP Working Capital Facility, (iii) following the entry of a Final Order, a term loan facility, with the GBFC serving as DIP Term Agent, in an aggregate principal amount of $10,000,000 (the ‘DIP Term Loan Facility’) and (iv) a roll-up, upon the entry of a Final Order, of prepetition loans and letters of credit (the ‘Roll-Up Obligations’) in an approximate aggregate amount up to $84,160,000 with respect to the Prepetition Revolving Credit Agreement and an approximate aggregate amount up to $10,020,000 with respect to the Prepetition Term Loan Agreement.” The Court scheduled a final DIP hearing for September 13, 2018, with objections due by September 6, 2018.

Go to BankruptcyData for more on the Samuels Jewlers bankruptcy.

The post Samuels Jewelers – Court Approves Interim DIP Financing of $4 Million appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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