EnCap Golf Holdings seeks approval of $1.5 million DIP facility

By Caroline Salls

Pittsburgh, Aug. 28 - EnCap Golf Holdings, LLC requested court approval of a $1.5 million debtor-in-possession facility to be used to fund the administrative expenses associated with developing an environmental remediation plan and risk transfer program for four former landfills in the New Jersey Meadowlands.

According to the motion filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey, NJM Loan III, LLC is the DIP facility lender.

NJM is a wholly owned subsidiary of Cherokee Investment Partners III, LP and Cherokee Investment Partners III Parallel Fund, LP.

The facility will mature on Aug. 15, 2009.

Interest will be 10%.

EnCap, a Cherokee Investment Products subsidiary, filed for bankruptcy on May 8. Its Chapter 11 case number is 08-18581.

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