CalPlant requests additional $30 million under LIFO DIP bond facility

Chicago, Dec. 22 – CalPlant I Holdco, LLC is requesting additional financing for $30 million through the issuance of last-out first-in debtor-in-possession bonds, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The company previously sought and received court approval for similar DIP financing.

The new bonds would be substantially on the same terms as the original bonds and will help fund the Chapter 11 cases through March 31, 2023.

The bonds would have a March 31, 2023 maturity, accordingly.

CalPlant is also seeking to extend the maturity date on the original series 2023 bonds to March 31, 2023 from Jan. 31, 2023.

The funding holders have consented to the extension.

The company originally borrowed $37.4 million from the original DIP bonds in October 2021, took out another $15 million in March 2022, obtained $18.3 million in September 2022 and received approval for $10.2 million in November 2022.

Willows, Calif.-based CalPlant manufactures sustainably sourced building products. The company filed Chapter 11 bankruptcy on Oct. 5, 2021 under case number 21-11302.

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