Baha Mar court authorizes interim access to $80 million DIP facility

By Kali Hays

New York, July 1 – Baha Mar Ltd. received interim access to its proposed $80 million of debtor-in-possession financing on Wednesday from the U.S. Bankruptcy Court for the District of Delaware, according to a news release.

As previously reported, developer Sarkis Izmirlian agreed to arrange the funding, which will enable Baha Mar to operate and meet its financial obligations during the Chapter 11 process.

Baha plans to use up to $30 million of the financing over the next 30 days.

Granite Ventures Ltd. is the DIP facility and security agent.

Interest will be Libor plus 600 basis points.

Baha Mar is a Nassau, Bahamas-based resort that filed for bankruptcy on June 29. The Chapter 11 case number is 15-11402.

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