Sur La Table secures interim access to DIP loan; final hearing July 29

By Caroline Salls

Pittsburgh, July 14 – Sur La Table, Inc. obtained court approval to access $3 million in debtor-in-possession financing on an interim basis, according to an order filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.

The final hearing is scheduled for July 29.

The financing will be provided by CF SLTD Holdings LLC, which is also serving as the stalking horse bidder for the company’s asset sale.

If the lender is the winning bidder, the DIP facility obligations will be credited toward the purchase price.

The DIP loan will mature on the earliest of 25 days following entry of the interim order if a final order has not yet been entered, termination of the stalking horse agreement, court approval of an alternate transaction and dismissal or conversion of Sur La Table’s Chapter 11 cases.

Interest will accrue at Libor plus 800 basis points.

Sur La Table is a Seattle-based home furnishings retailer. The company filed bankruptcy on July 8 under Chapter 11 case number 20-18368.

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