Glacial Energy receives court approval on $122 million DIP financing

By Kali Hays

New York, May 15 - Glacial Energy Holdings, Inc. obtained final court approval of its $122 million debtor-in-possession financing from Vantage Commodities Financial Services I, LLC, according to a Wednesday order with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company was granted interim access of up to $34 million of the financing April 14.

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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