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Quaker Fabric gets interim access to $1.65 million DIP facility; final hearing set
By Caroline Salls
Pittsburgh, Aug. 20 - Quaker Fabric Corp. obtained interim access to its $1.65 million in debtor-in-possession financing from GB Merchant Partners LLC, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
The final DIP hearing is scheduled for Sept. 19.
Interest on the DIP facility will be Libor plus 775 basis points.
The DIP facility will mature on Oct. 1.
Quaker Fabric will pay a $150,000 financing fee.
Quaker Fabric is a Fall River, Mass., designer, manufacturer and marketer of woven upholstery fabrics for residential furniture. Its Chapter 11 case number is 07-11146.
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