HRP Myrtle Chapter 7 trustee asks for court OK of financing for sale, disposal of assets

By Jennifer Lanning Drey

Portland, Ore., Jan. 16 - HRP Myrtle Beach Holdings, LLC's interim Chapter 7 trustee requested court approval to obtain a debtor-in-possession loan from Deutsche Bank Trust Co. Americas as agent for itself and Jefferies Finance LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The amount will be determined by a weekly budget submitted by Chapter 7 trustee Alfred T. Giuliano through the loan's Feb. 14 termination.

Interest will be Libor plus 5%.

Giuliano said he needs the funds to be able to continue limited operations of HRP Myrtle's business while attempting to market and sell or otherwise dispose of the company's assets.

The lender has stipulated that the sale or abandonment of the company's assets must be completed by Feb. 14.

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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