Haggen granted interim approval to use $215 million in DIP financing

By Caroline Salls

Pittsburgh, Sept. 10 – Haggen Holdings, LLC received interim court approval to obtain $215 million of debtor-in-possession financing from its pre-bankruptcy lenders, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Oct. 5.

PNC Bank, NA is the DIP loan agent.

Interest will accrue at the alternate base rate plus 300 basis points.

The facility will mature on the earliest of Feb. 5, the effective date of a reorganization plan, the closing of the core stores sale, conversion or dismissal of the Chapter 11 case and the 22nd day after the bankruptcy filing date if a final order has not been entered.

Haggen, a Bellingham, Wash.-based supermarket company, filed bankruptcy on Sept. 8. The Chapter 11 case number is 15-11874.

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