Modern Continental seeks court OK to extend DIP financing to Feb. 6

By Caroline Salls

Pittsburgh, Jan. 9 - Modern Continental Construction Co., Inc. is looking to extend its debtor-in-possession financing to Feb. 6 from Jan. 9, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

In addition, Modern Continental said the lenders have agreed to increase the DIP facility to $7.61 million from $7.06 million, plus $610,000 for expenses, provided, however, that the company will not be allowed to use more than $1.16 million of the financing from Jan. 9 to Feb. 6, including the $610,000 for expenses.

Proceeds will be used for working capital and general corporate purposes, as well as to pay expenses related to administration of the company's bankruptcy case and operation of its business through Feb. 6.

Modern Continental, a Dedham, Mass., contractor, filed for bankruptcy on June 23, 2008. Its Chapter 11 case number is 08-14558.

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