Barnes Bay interim DIP loan approved; final hearing set for April 12

By Caroline Salls

Pittsburgh, March 21 - Barnes Bay Development Ltd. has been granted interim access to its $5 million of debtor-in-possession financing from SOF-VIII Hotel II Anguilla Holdings LLC, according to a March 21 filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 12.

In the DIP financing motion filed last week, Barnes Bay said it was seeking interim access to $2.5 million of the facility.

The DIP loan will mature on the earliest of four months from the bankruptcy filing date, the effective date of any plan of reorganization, repayment of the loan in full and conversion of the bankruptcy case.

Interest will be Libor plus 1,000 basis points.

Barnes Bay, the developer of the Viceroy Resort and Residences in Anguilla, British West Indies, filed for bankruptcy on March 17. The Chapter 11 case number is 11-10792.

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