Weinstein secures interim approval to use $7.5 million in financing

By Caroline Salls

Pittsburgh, March 21 – Weinstein Co. Holdings LLC obtained court approval to access $7.5 million of a proposed $25 million of debtor-in-possession financing on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 19.

MUFG Union Bank, NA is the DIP financing administrative agent.

Interest on the DIP facility will accrue at a rate of Libor plus 950 basis points with a 1.5% Libor floor.

The facility will mature 125 days after the bankruptcy filing date, or earlier upon acceleration of the loans, termination of the interim order, conversion or dismissal of the Chapter 11 cases, closing of a sale of substantially all assets or the effective date of a Chapter 11 plan.

Weinstein is a New York-based entertainment company. The company filed bankruptcy on March 19 under Chapter 11 case number 18-10601.

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