ABC Carpet & Home gets approval to use $2.65 million of DIP facility

By Sarah Lizee

Olympia, Wash., Sept. 13 – ABC Carpet Co., Inc., which does business as ABC Carpet & Home, received interim approval to access $2.65 million of a proposed $5.7 million debtor-in-possession facility from pre-petition lender 888 Capital Partners, LLC, according to an interim order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Interest on the DIP facility will be 12% per annum, with default interest set at 15% per annum. There is a $120,000 commitment fee.

The DIP facility is set to mature on Nov. 10.

The company also received interim approval to use the cash collateral of 888 Capital.

The New York-based furniture retailer filed bankruptcy on Sept. 8 under Chapter 11 case number 21-11591.

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