Thompson Publishing granted interim access to $750,000 of DIP loan

By Caroline Salls

Pittsburgh, Sept. 24 - Thompson Publishing Holding Co., Inc. has been granted interim access to $750,000 of its $3 million in proposed debtor-in-possession financing from PNC Bank, NA.

The final hearing is scheduled for Oct. 12.

A total of $150,000 of the DIP loan will be available for letters of credit.

Interest will be the greater of PNC's Prime rate plus 575 basis points and 9%.

The facility will mature on the earliest of Nov. 19, upon closing of the proposed sale of the company's assets, the effective date of a plan of reorganization and upon dismissal or conversion of the bankruptcy case.

Thompson, a Tampa, Fla., publishing company, filed for bankruptcy on Sept. 21. Its Chapter 11 case number is 10-13070.

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