Broadstripe looks to extend DIP loan, sale and plan milestones

By Caroline Salls

Pittsburgh, Jan. 20 - Broadstripe, LLC requested court approval to extend the termination date of its debtor-in-possession financing and its asset sale or plan milestone deadlines, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The termination date would be extended to the earlier of July 31, 2011 and the effective date of an approved plan or completion of approved sale from Dec. 31.

Under the sale milestones, the company must seek approval of the asset purchase agreement and bid procedures by Feb. 16, the bid procedures hearing must be held by April 20, and the sale must close by July 14.

Under the plan milestones, the plan must be filed by Feb. 16, the disclosure statement must be approved by April 20, the plan must be confirmed by June 29, and the plan must take effect by July 14.

Broadstripe will pay an $83,750 facility fee and a $2,500 amendment fee.

A hearing is scheduled for Feb. 7.

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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