M Waikiki gets final approval for $2.5 million DIP loan financing

By Jim Witters

Wilmington, Del., Sept. 30 - M Waikiki LLC received final court approval to access its $2.5 million of debtor-in-possession financing from the trustees of the Davidson Family Trust, according to a Thursday 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.

The Davidson Group is the administrative agent.

Interest is 15%.

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

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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