Houlihan’s secures interim access to $3.2 million in DIP financing

By Caroline Salls

Pittsburgh, Nov. 18 – Houlihan’s Restaurants, Inc. obtained court approval to access $3.2 million of a proposed $5 million in debtor-in-possession financing on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 2.

The company said the DIP facility will provide sufficient liquidity to fund the business.

CIT Bank, NA, Garrison Funding 2018-1 LP, Garrison Funding 2018-2 Ltd. and Garrison MML CLO 2019-1 LP are the lenders.

Interest will accrue at the Base rate plus 700 basis points or Libor plus 800 bps.

The facility will mature on the earlier of the closing date of Houlihan’s asset sale and Jan. 31.

Leawood, Kan.-based Houlihan’s operates a chain of restaurants. The company filed bankruptcy on Nov. 14 under Chapter 11 case number 19-12415.

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