Broadstripe gets extension of DIP loan maturity amid lawsuit delays

By Lisa Kerner

Charlotte, N.C., April 6 - Broadstripe, LLC's request to extend the termination date of its debtor-in-possession financing to July 15 from April 30 was granted, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Broadstripe said the extension was needed because a lawsuit filed by its official committee of unsecured creditors has delayed the company's ability to formulate and solicit votes on a confirmable plan of reorganization because it challenges the Highland-affiliated pre-bankruptcy lenders' status as pre-bankruptcy secured lenders.

The company will pay a $20,000 additional facility fee.

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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