Ener1: court grants company final access to $20 million DIP loan

By Lisa Kerner

Charlotte, N.C., Feb. 16 - Ener1, Inc. received final approval to access its $20 million of debtor-in-possession financing by the U.S. Bankruptcy Court for the Southern District of New York on Thursday, according to an attorney familiar with the case.

On Feb. 1, Ener1 was granted interim approval to use $13.5 million of the proposed DIP facility.

As previously reported, interest on the DIP financing will be Libor plus 700 basis points.

The facility will mature in 90 days.

Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company. The company filed for bankruptcy on Jan. 26 under case number 12-10299.

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