Sundevil Power looks to extend DIP facility maturity date to Aug. 26

By Caroline Salls

Pittsburgh, June 17 – Sundevil Power Holdings, LLC requested court approval to extend the maturity date of its debtor-in-possession financing agreement, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Sundevil is seeking court approval to extend the maturity date of its DIP facility to the earlier of Aug. 26 and the closing date of a sale of the company’s assets. The facility is currently scheduled to mature on June 30.

With the sale process nearing its conclusion, the company said it is now turning its focus to winding up the bankruptcy cases through a Chapter 11 plan.

However, the company said it needs an extension of the DIP facility to allow the Chapter 11 cases to continue.

A hearing is scheduled for June 23.

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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