Court extends Hussey Copper's $5 million DIP two weeks to Dec. 12

By Jim Witters

Wilmington, Del., Nov. 29 - Hussey Copper Corp. received court approval of an extension of its $5 million debtor-in-possession credit facility, according to documents filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP expired Nov. 28. The extension expires Dec. 12.

The extension was needed to facilitate the closing of the sale of substantially all of Hussey's assets, the court documents state.

As previously reported, Libertas Copper LLC, an affiliate of Patriarch Partners, LLC, bought Hussey's assets for $107.75 million.

The extension calls for Hussey to pay the balance of its $500,000 facility fee on the maturity date, as well as a $100,000 fee immediately.

PNC Bank, NA is the DIP loan agent. PNC, Wells Fargo Capital Finance, LLC and Bank of America, NA are the lenders.

Hussey is a Leetsdale, Pa.-based copper products manufacturer. Its Chapter 11 case number is 11-13010.

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