Trigeant DIP financing maturity extension OK’d by bankruptcy court

By Caroline Salls

Pittsburgh, Feb. 25 – Trigeant Holdings, Ltd. obtained court approval of a debtor-in-possession financing amendment that extends the maturity date of the DIP loan in light of a rescheduling of the company’s plan of reorganization confirmation hearing, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Florida.

In light of the recently modified schedule of proceedings in the Chapter 11 cases that resulted in the plan confirmation hearing being rescheduled for May 4 through May 6, Trigeant said it would not be able to repay the DIP financing by the previous maturity date.

The company said the DIP financing lender agreed to extend the maturity date to the earlier of the plan effective date and termination of the plan support agreement.

According to the motion, the lender also agreed to amend the borrowing schedule so Trigeant may draw down funds on a weekly basis, as needed, in amounts equal to at least $50,000 or whole multiples of $10,000 in excess of that amount, provided that the total expenditures by the company from the DIP financing do not exceed previously budgeted total expenditure amounts.

Trigeant, a Boca Raton, Fla.-based petroleum company, filed for bankruptcy on Aug. 25, 2014. The Chapter 11 case number is 14-29027.

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