Lincoln Power receives interim approval to access cash collateral

By Sarah Lizee

Olympia, Wash., April 4 – Lincoln Power, LLC received interim approval to access cash collateral of its prepetition secured lenders, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company currently has about $151 million of secured funded debt outstanding. The debt is through a credit agreement with ABN Amro Capital USA LLC as issuing lender, Investec Bank plc as administrative agent and First Citizens Bank & Trust Co. as collateral agent. There is $136 million outstanding under a term loan, $15 million outstanding under a revolver and $7.9 million of letters of credit issued.

A final hearing on the cash collateral use is scheduled for April 27.

The Charlotte, N.C.-based power company owns two gas-fired power-generation facilities in Illinois. The company filed Chapter 11 bankruptcy on March 31 under case number 23-10382.

© 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.