EnviroSolutions granted interim access to $20 million of DIP loan

By Caroline Salls

Pittsburgh, March 16 - EnviroSolutions Holdings, Inc. received interim court approval to access $20 million of its $30 million debtor-in-possession facility, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for April 1.

Deutsche Bank Trust Co. Americas is the administrative agent and collateral agent.

The facility includes a $20 million letter-of-credit subfacility.

The DIP loans can be converted into exit financing.

The facility will mature on the earliest of eight months from the bankruptcy filing date, the effective date of the company's pre-packaged plan and the completion of a sale of substantially all of the company's assets.

EnviroSolutions said the DIP loan maturity can be extended to 11 months upon payment of a 75 basis point extension fee.

Interest will be either Base rate plus 700 bps or Libor plus 800 bps.

EnviroSolutions, a Manassas, Va., integrated waste management company, filed for bankruptcy on March 10. Its Chapter 11 case number is 10-11236.

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