M Waikiki wins interim access to $1 million of $2.5 million DIP loan

By Caroline Salls

Pittsburgh, Sept. 16 - M Waikiki LLC received court approval to access $1 million of its $2.5 million of debtor-in-possession financing from the trustees of the Davidson Family Trust on an interim basis, according to a Sept. 15 filing with the U.S. Bankruptcy Court for the District of Hawaii.

The company said it needs the financing to continue to operate its principal asset, the Modern Honolulu hotel, on an ongoing basis.

The Davidson Group is the administrative agent.

Interest will be 15%.

The facility will mature on the earlier of six months from entry of the interim order and occurrence of an event of default.

The final hearing date was not included in the interim order.

M Waikiki, a San Diego-based hotel investment company, filed for bankruptcy on Aug. 31. The Chapter 11 case number is 11-02371.

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