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Modern Continental asks for court approval to increase, extend DIP financing
By Jennifer Lanning Drey
Portland, Ore., Oct. 6 - Modern Continental Construction Co. requested court approval of amendments to its debtor-in-possession financing that would increase the amount and extend the term of the facility, according to a Monday filing with the U.S. Bankruptcy Court for the District of Massachusetts.
The company said its DIP lender has agreed to increase the facility to $6.5 million from $5.0 million to fund working capital and general corporate purposes through Dec. 5.
The facility was previously scheduled to expire on Oct. 3.
The company said the terms of the extended agreement would remain the same as those under the original agreement.
As previously reported, St. Paul Fire and Marine Insurance Co. is the lender agent.
Interest is Prime plus 200 basis points.
Modern Continental, a Dedham, Mass., contractor, filed for bankruptcy on June 23. Its Chapter 11 case number is 08-14558.
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