Louisiana Pellets gets interim access to $7.83 million in financing

By Caroline Salls

Pittsburgh, March 22 – Louisiana Pellets, Inc. received interim court approval to access a total of $7.83 million of debtor-in-possession financing from solid waste disposal facility revenue bond trustee UMB Bank, NA, according to an order filed March 21 with the U.S. Bankruptcy Court for the Western District of Louisiana.

A final hearing is scheduled for April 11.

The $7.83 million financing amount includes the $250,000 previously approved under a first interim order.

As previously reported, there will be no interest on the DIP loan. The facility will mature on the earlier of April 18 and occurrence of an event of default.

Louisiana Pellets, a Urania, La., wood pellets manufacturer, and German Pellets filed bankruptcy on Feb. 18 under Chapter 11 case number 16-80162.

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