Suniva requests court approval of $3.44 million unsecured term loan

By Caroline Salls

Pittsburgh, Oct. 24 – Suniva, Inc. requested court approval to obtain $3.44 million in unsecured post-bankruptcy financing, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said the delayed-draw term loan facility will enable it to continue working toward recovering anti-dumping/countervailing duties collected by the U.S. government in trade actions before Suniva’s bankruptcy filing, to work toward the negotiation, filing and confirmation of a Chapter 11 plan and to pay administrative expenses.

Lion Point Capital, LP is the loan agent.

Interest will accrue at a rate of 13%, payable in-kind.

The facility will mature on the earlier of May 31, 2019, the effective date of a plan of reorganization and acceleration of the financing.

A hearing is scheduled for Nov. 15.

Suniva, a Norcross, Ga.-based manufacturer of high-efficiency crystalline silicon photovoltaic solar cells and high-power solar modules, filed bankruptcy on April 17, 2017. The Chapter 11 case number is 17-10837.

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