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CarbonLite gets extension of sale timeline under DIP financing
By Sarah Lizee
Olympia, Wash., May 5 – CarbonLite Holdings LLC received court approval of an extension of the sale-related timeline under its four-part debtor-in-possession financing package, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
The lenders agreed to several extensions, including extending the deadline to submit qualified bids for the company’s assets to May 12 from May 5, the date of the auction to May 17 from May 12, the sale hearing to May 26 from May 20, and the deadline to close the sale to June 3 from May 31.
As previously reported, under the final DIP order, CarbonLite Recycling, LLC gained approval of a $15 million new money term loan facility provided by pre-bankruptcy bondholders. The interest rate is 12%.
CarbonLite P, LLC gained access to a $25 million new money term loan facility from pre-bankruptcy bondholders and $50 million of loans resulting from a roll-up of the debt under the company’s 2019 series bonds. Interest on the new money term loans is 12%, and interest on the roll-up loans is 12%, payable in kind. UMB Bank, NA is the administrative agent.
CarbonLite Holdings gained access to a $20 million new money delayed-draw term loan facility and $45.5 million of DIP term loans resulting from a roll-up of $45.5 million of pre-bankruptcy tranche A and C term loans, each from existing term lenders. Interest is 11%.
CarbonLite Industries gained access to $18.5 million in new money revolving loans from existing lenders. Interest is 8%.
CarbonLite is a Riverside, Calif.-based producer of food-grade post-consumer recycled polyethylene terephthalate. The company filed bankruptcy on March 8 under Chapter 11 case number 21-10528.
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