Gulf Chemical gets OK to use $3 million of loan; final hearing July 11

By Caroline Salls

Pittsburgh, June 16 – Gulf Chemical & Metallurgical Corp. can access $3 million of a proposed $12 million in debtor-in-possession financing from Comilog Holding, according to an interim order filed Thursday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

The final hearing is scheduled for July 11.

The facility will mature on the earliest of Dec. 31, 2016, the occurrence of a termination event and the entry of an order approving the sale of substantially all of the company’s assets.

Interest will accrue at a rate of 8˝%.

Gulf is a Freeport, Texas-based subsidiary of Eramet, a Paris-based mining and metallurgical global producer of alloying metals. Gulf filed bankruptcy on June 14 under Chapter 11 case number 16-22192.

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