Indiana Limestone gets final approval of $3.5 million in DIP financing

By Caroline Salls

Pittsburgh, March 13 - Victor Oolitic Stone Co., which does business as Indiana Limestone Co., received court approval to obtain $3.5 million of debtor-in-possession financing from Indiana Commercial Finance, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Indiana Commercial Finance purchased all of Indiana Limestone's pre-bankruptcy lenders' rights under its pre-bankruptcy credit agreement.

The DIP financing will mature on April 30.

Interest will be Libor plus 550 basis points.

Victor Oolitic Stone, an Oolitic, Ind.-based limestone quarry owner, filed bankruptcy on Feb. 17. The Chapter 11 case number is 14-10311.

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