Dowling College granted emergency access to $512,586 of DIP financing

By Caroline Salls

Pittsburgh, Dec. 5 – Dowling College received court approval to access $512,586 of a proposed $4.97 million of debtor-in-possession financing, according to an emergency order filed Friday with the U.S. Bankruptcy Court for the Eastern District of New York.

UMB Bank, NA is the DIP financing agent.

The facility will mature on May 8, 2017.

Interest will accrue at a rate of 9% and be capitalized and paid in-kind.

The emergency order will expire on Dec. 16.

A hearing on further approval of the financing is scheduled for Dec. 15.

Dowling is based in Oakdale, N.Y. The college filed bankruptcy on Nov. 29 under Chapter 11 case number 16-75545.

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