ArchBrook Laguna Holdings gets interim access to $50 million DIP loan

By Caroline Salls

Pittsburgh, July 12 - ArchBrook Laguna Holdings LLC was granted interim access to its $50 million of debtor-in-possession financing from GE Capital Commercial Services, Inc., Bank of America, NA and PNC Bank, NA, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for Aug. 2.

The DIP facility will mature 90 days from closing, subject to a 30-day extension.

Interest will be Prime rate plus 375 basis points.

ArchBrook will pay a $100,000 administration fee and a 1% upfront fee.

ArchBrook Laguna, a Carlstadt, N.J.-based electronics and computer products distributor, filed for bankruptcy on July 8. The Chapter 11 case number is 11-13292.

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