Anchor Glass noteholders agree to fund additional $10 million DIP

By Caroline Salls

Pittsburgh, March 21 - Anchor Glass Container Corp. requested emergency court approval for an additional $10 million in debtor-in-possession financing from Wells Fargo, NA and some holders of its $350 million 11% secured senior notes to protect its business from the volatility of natural gas prices and to build additional cash reserves.

According to a Tuesday filing with the U.S. Bankruptcy Court for the Middle District of Florida, the noteholders funded the company's original $125 million DIP and have agreed to purchase an additional $10 million of the notes.

Terms of the DIP were not disclosed.

Anchor Glass, a Tampa, Fla., manufacturer of glass containers, filed for bankruptcy on Aug. 8, 2005. Its Chapter 11 case number is 05-15606.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.