HRP Myrtle Beach secures $2 million DIP financing commitment from Cerberus

By Caroline Salls

Pittsburgh, Sept. 25 - HRP Myrtle Beach Holdings, LLC requested court approval of $2 million in debtor-in-possession financing, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Cerberus Partners, LP is the administrative agent and collateral agent.

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

Interest will be Libor plus 1500 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 Myrtle Beach is seeking interim access to $1 million of the DIP financing.

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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