Summit Business Media: court gives final OK to $5 million DIP facility

By Lisa Kerner

Charlotte, N.C., March 2 - Summit Business Media received final approval to access its $5 million debtor-in-possession facility, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The court granted Summit interim access to $2.5 million of the facility in January.

Bank of Montreal, Chicago Branch is the DIP loan agent.

As previously reported, the DIP facility will mature on the earliest of one year from the bankruptcy filing date, the effective date of a plan of reorganization, 30 days after the reorganization plan is confirmed, upon the sale or transfer of a substantial portion of the DIP collateral, 60 days after the interim order if a final order is not entered and upon occurrence of an event of default.

Interest will be Libor plus 800 bps with a 2% floor.

Summit, a Seven Hills, Ohio, business-to-business media company, filed for bankruptcy on Jan. 25. The Chapter 11 case number is 11-10231.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.