Modern Continental DIP financing extended to March 6

By Caroline Salls

Pittsburgh, Feb. 10 - Modern Continental Construction Co., Inc. obtained approval to extend the maturity of its debtor-in-possession financing through March 6 from Feb. 6, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

In addition to the extension, the company said the DIP lenders have agreed to increase the facility to $8.08 million, plus an additional $615,000 to cover expenses, from $7.61 million.

However, Modern Continental will only be permitted to spend $1.09 million of the DIP financing from Feb. 6 to March 6, including the additional $615,000 amount.

Proceeds of the DIP financing will be used to pay the costs and expenses needed to operate the company through March 6.

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

© 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.