Metromedia DIP loan increased, cash collateral use extended

By Jennifer Lanning Drey

Portland, Ore., June 22 - Metromedia Steakhouses Co., LP received court approval to increase its debtor-in-possession facility by $580,000 to $5.1 million and extend its cash collateral access to Aug. 31 from the U.S. Bankruptcy Court for the District of Delaware on Monday, according to an attorney.

The increased DIP loan will also mature on Aug. 31. The DIP financing and cash collateral use were previously scheduled to expire on June 30.

Metromedia is a steakhouse company based in Plano, Texas, that operates restaurants under the names Ponderosa Steakhouse and Bonanza Steakhouse. The company filed for bankruptcy on Oct. 22, 2008. Its Chapter 11 case number is 08-12490.

© 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.