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Dakota Plains Holdings Financing Approved

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The U.S. Bankruptcy Court issued a final order approving Dakota Plains Holdings’ D.I.P. financing motion.

As previously reported, “SunTrust Bank, in its capacity as administrative agent, and several banks and other financial institutions and lenders from time to time are the lenders. ”

In addition, “By this Motion, the Debtors seek the following relief: the Court’s authorization, for Dakota Plains Transloading, Dakota Plains Sand, and Dakota Plains Marketing (the ‘DIP Borrowers’) to enter into a senior secured superpriority postpetition credit facility (the ‘DIP Facility’), and postpetition lender, pursuant to the Postpetition Revolving Credit Agreement, the Interim DIP Order, the Final DIP Order and all other agreements, documents and instruments delivered or executed in connection therewith, including the DIP Budget, and the DIP Borrowers to obtain extensions of credit thereunder on a senior secured and superpriority basis, (a) during the period (the ‘Interim Period’) from the date hereof through and including the earlier to occur of (1) the date of entry of the Final DIP Order by this Court and (2) the Termination Date, in an aggregate principal amount not to exceed $500,000, and (b) upon entry of the Final DIP Order and thereafter until the Termination Date, in an aggregate principal amount not to exceed $2,000,000, in each case at any time outstanding, the ‘DIP Extensions of Credit’, and (c) for Dakota Plains Holdings, DPTS Marketing, Dakota Petroleum Transport Solutions, and DPTS Sand, to jointly and severally guarantee on a secured basis the Debtors’ obligations in respect of the DIP Facility.”

Read more energy oil & gas bankruptcy news.

The post Dakota Plains Holdings Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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