Special Devices granted interim access to $300,000 more DIP financing

By Caroline Salls

Pittsburgh, May 7 - Special Devices, Inc. received interim court approval to increase the availability under its debtor-in-possession facility to $25 million from $22.5 million, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the interim order, the company will have access to $300,000 of the increased availability.

The final hearing is scheduled for June 12.

The DIP facility amendments require Special Devices to obtain court approval of its disclosure statement by June 13, and the plan must be confirmed by July 24.

Special Devices, a Moorpark, Calif., manufacturer of pyrotechnic devices for airbags, filed for bankruptcy on Dec. 15. Its Chapter 11 case number is 08-13312.

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