Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for FMT SJ LLC > News item |
San Jose Fairmont owner gets final approval of $9 million DIP loan
By Sarah Lizee
Olympia, Wash., April 8 – FMT SJ LLC and SC SJ Holdings LLC, which own the San Jose Fairmont Hotel in California, received final court approval of a $9 million debtor-in-possession superpriority non-amortizing credit facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
The lender is FMT SJ Catering LLC, and the borrower is SC SJ Holdings, as previously reported.
Loans bear interest at 3% per annum.
Proceeds will be used to pay post-petition expenses and other working capital and financing requirements of the borrowers.
The company also received court approval to use the cash collateral of its pre-petition secured lender, CLNC 2019-FL1 Funding, LLC.
FMT SJ, a San Jose, Calif.-based hotel owner, filed bankruptcy on March 5 under Chapter 11 case number 21-10521.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.