MACH Gen secures final court approval of $200 million DIP facility

By Caroline Salls

Pittsburgh, March 27 - MACH Gen LLC received final court approval of its $200 million debtor-in-possession loan from Beal Bank USA, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

CLMG Corp. is the administrative agent.

Interest will be Libor plus 475 basis points.

The facility will mature on the earliest of seven days after written notice of default, the outside date defined in the company's restructuring support agreement, subject to a 75-day extension, and the effective date of a plan of reorganization.

MACH Gen's plan of reorganization confirmation hearing is set for April 11.

MACH Gen, a Silver Spring, Md.-based portfolio of power-generation assets, filed bankruptcy on March 3. The Chapter 11 case number is 14-10461.

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