Sundevil Power DIP facility, asset sale procedures approved by court

By Caroline Salls

Pittsburgh, March 3 – Sundevil Power Holdings, LLC received court approval of the bid procedures for the proposed sale of its assets, as well as final court approval of its $45 million debtor-in-possession facility, according to orders filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, indications of interest in purchasing the company’s assets are due by 5 p.m. ET on April 14. Final bids are due by April 29.

An auction would be held on May 4, if necessary. The sale hearing is scheduled for May 11.

According to the DIP financing motion, CLMG Corp. is the administrative agent, and Beal Bank USA is the DIP lender.

The facility will mature on the earlier of June 30 and the closing of a sale of substantially all company assets.

Interest will be Base rate plus 650 basis points or Libor plus 750 bps.

Wayzata, Minn.-based Sundevil Power operates gas-fired power plants in Gila Bend, Ariz. The company filed bankruptcy on Feb. 11 under Chapter 11 case number 16-10369.

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