Oakwood Homes closes on $75 million advance line of DIP

By Sara Rosenberg

New York, Feb. 18 - Oakwood Homes Corp. closed on the $75 million loan-servicing advance line of its $215 million debtor-in- possession financing.

"We are pleased to close the $75 million loan servicing advance line of our DIP facility. The purpose of the $75 million line is to provide liquidity for mid-month servicing advances of principal and interest to the Remic trusts as provided for in the pooling and servicing agreements," said Myles E. Standish, president and chief executive officer, in a news release.

Oakwood Homes is a Greensboro, N.C. producer, seller and financer of manufactured housing.

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