Glacial Energy wins approval of $34 million in interim DIP financing

By Caroline Salls

Pittsburgh, April 14 - Glacial Energy Holdings, Inc. obtained interim access to $34 million of a proposed $122 million in debtor-in-possession financing from Vantage Commodities Financial Services I, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for May 6.

The facility will mature on the earliest of Oct. 31, 2014, the effective date of a plan of reorganization, payment in full of the loan obligations and expiration of the interim order.

Interest will be either the Index rate plus 400 basis points or Libor plus 500 bps, at the company's option.

Glacial Energy, a Sandwich, Mass.-based electricity and natural gas company, filed bankruptcy on April 10. The Chapter 11 case number is 14-10833.

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