Broadstripe's DIP financing increased; termination date pushed out

By Lisa Kerner

Charlotte, N.C., Dec. 7 - Broadstripe, LLC's request to increase its debtor-in-possession financing commitment to $16.75 million from $15 million and to extend the termination date of the DIP facility to April 30 from Dec. 31 was approved, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, a creditors committee lawsuit has delayed the company's ability to formulate and solicit votes on a plan of reorganization by challenging the Highland-affiliated pre-bankruptcy lenders' status as pre-bankruptcy secured creditors.

As a result, Broadstripe said it needed the extension and possibly additional financing to complete its reorganization and emerge from Chapter 11 bankruptcy.

Broadstripe, a St. Louis provider of integrated video, broadband and home phone services, filed for bankruptcy on Jan. 2, 2009. Its Chapter 11 case number is 09-10006.

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