Quaker Fabric granted final court approval on $1.65 million DIP facility

By Reshmi Basu

New York, Sept. 19 - Quaker Fabric Corp. obtained final court approval for its $1.65 million in debtor-in-possession financing from GB Merchant Partners LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, 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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