Global Home Products' $65 million DIP approved

By Caroline Salls

Pittsburgh, May 5 - Global Home Products, LLC obtained final approval of its up to $65 million in revolving debtor-in-possession financing from Wachovia Bank, NA, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The term of the DIP will be the earlier of Oct. 31 or upon an event of default.

Interest on all outstanding advances will be 9%.

The company will pay a $650,000 facility fee.

Global Home Products, through its Anchor Hocking, The Burnes Group and WearEver businesses, is a Westerville, Ohio-based designer, marketer and manufacturer of branded consumer and specialty products to retail and hospitality customers and original equipment manufacturers. The company filed for bankruptcy on April 10. Its Chapter 11 case number is 06-10430.

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