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Wardman Hotel Owner seeks approval to lift DIP loan to $10 million
By Sarah Lizee
Olympia, Wash., July 19 – Wardman Hotel Owner, LLC is seeking court approval of an amendment to its superpriority secured debtor-in-possession facility that would increase the amount to $10 million from $8 million, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.
The amendment would also extend the maturity date to Oct. 31.
The facility is with Pacific Life Insurance Co., the senior secured pre-petition lender and the ultimate sole equity holder of the debtor, as previously reported.
Interest is 5%.
A hearing is scheduled for July 22.
Washington, D.C.-based Wardman Hotel is the owner of a convention hotel, formerly operated as the Washington Marriott Wardman Park Hotel. The company filed Chapter 11 bankruptcy on Jan. 11 under case number 21-10023.
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