Ascendia Brands granted interim access to $9.43 million DIP facility; final hearing Sept. 3

By Caroline Salls

Pittsburgh, Aug. 7 - Ascendia Brands Inc. was granted interim access to its $9.43 million in debtor-in-possession financing, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Sept. 3.

Wells Fargo Foothill, Inc. is the DIP loan agent.

The facility will mature on the earlier of Oct. 3 and upon the confirmation of a plan of reorganization.

Interest will be equal to the sum of the greater of the Wells Fargo Prime rate and 7.5%, plus 475 basis points.

Ascendia will pay a $500,000 DIP fee.

The total of the company's outstanding DIP line advances and all other outstanding advances cannot exceed $26.44 million, according to the DIP loan agreement.

Ascendia, a Hamilton, N.J.-based health and beauty care products company, filed for bankruptcy on Aug. 5. Its Chapter 11 case number is 08-11787.

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