HRP Myrtle Beach gets final approval for $2 million DIP financing

By Jennifer Lanning Drey

Portland, Ore., Oct. 22 - HRP Myrtle Beach Holdings, LLC was granted final court approval to obtain $2 million in debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Cerberus Partners, LP is the administrative agent and collateral agent.

According to the motion requesting the DIP loan approval, the DIP term loans will be made in minimum amounts of $100,000 and in $50,000 increments thereafter.

Interest will be Libor plus 1,500 basis points.

The DIP facility will mature on the earlier of Oct. 31 and the closing date of a sale or liquidation of substantially all of the company's assets.

Proceeds will be used to repay loans and fund working capital.

HRP is the Myrtle Beach, S.C.-based parent of Hard Rock Park. The company filed for bankruptcy on Sept. 24, and its Chapter 11 case number is 08-12193.

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