OAKLAND, USA: On April 26, 2012, Solar Trust of America LLC received final approval from US Bankruptcy Court for the District of Delaware to obtain a replacement debtor-in-possession financing from Mason Capital Management LLC.
The new DIP facility provides the company with up to $25 million of available borrowing capacity in addition to $18.4 million for letters of credit. “The new loan will provide the necessary funding to maximize value through a longer and more robust asset sale process than was provided for under the prior DIP,” said Ned Kleinschmidt, president and chief restructuring officer of STA.
The process will culminate with an auction currently scheduled for late June 2012, with the exact date yet to be determined and subject to approval by the Bankruptcy Court.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.