Woodbridge Group $100 million DIP facility approved on final basis

By Caroline Salls

Pittsburgh, March 8 – Woodbridge Group of Cos., LLC secured final court approval to obtain $100 million in debtor-in-possession financing, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The financing is being provided by Hankey Capital, LLC.

Woodbridge said the DIP loan will give it sufficient liquidity to maintain its operations and continue property development in the ordinary course of business during the Chapter 11 process.

Interest on the DIP financing will accrue at the Prime rate plus 500 basis points.

The facility will mature 12 months following the initial funding.

Woodbridge is a Sherman Oaks, Calif.-based next generation financial products company that filed for bankruptcy on Dec. 4. The Chapter 11 case number is 17-12560.

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