Red River Waste Solutions seeks $2.8 million DIP term loan facility

By Sarah Lizee

Olympia, Wash., Nov. 12 – Red River Waste Solutions, LP is seeking court approval to enter into a $2.8 million debtor-in-possession term loan facility from SummitBridge National Investments VIII LLC, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Texas.

The facility will bear interest at a minimum rate of 13½% computed on an actual basis, payable monthly in arrears and will mature six months after the closing of the facility, subject to two 90-day extensions available for a fee.

Without immediate access to the financing, the company said it will be unable to pay wages to its employees, pay vendors for equipment and services, meet working capital and business operating needs, preserve and maximize the value of its estate, and administer this Chapter 11 case.

The Dripping Springs, Tex.-based waste management company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-42423.

© 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.