Ultimate Escapes seeks court approval of $3.63 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 21 - Ultimate Escapes Holdings, LLC requested court approval of a debtor-in-possession credit facility that would give the company access to $3.63 million through Oct. 22, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

CapitalSource Finance, LLC is the administrative, payment and collateral agent on the DIP facility.

Ultimate Escapes said the DIP facility will bear interest at the same rate as its pre-bankruptcy credit facility, but that rate was not specified in the motion.

The company is seeking interim access to $2.32 million of the loan through Oct. 8.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

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