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Studio Movie Grill gets extension of DIP milestones, asset sale timeline
By Sarah Lizee
Olympia, Wash., Dec. 30 – Studio Movie Grill Holdings, LLC obtained extensions of some of the milestones under its priming secured super-priority delayed-draw term loan facility, as well as an extension of the timeline of the sale of substantially all of its assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.
The facility’s milestones were modified so that the deadline to file a plan and related disclosure statement is extended to Jan. 5 from Dec. 22, the deadline to receive approval of the statement is extended to Feb. 1 from Jan. 16, the deadline to receive confirmation of the plan is extended to March 4 from Feb. 24, and the deadline for the plan to take effect is extended to March 19 from March 7.
As previously reported, the term loan facility consists of up to $22.8 million of new money commitments. The transaction also includes a refinancing under the company’s $122.1 million prepetition credit agreement, in an amount equal to two times the new money interim DIP loans plus $2.2 million on account of obligations under the prepetition credit agreement relating to advances made in connection with a third amendment on an interim basis, and two times the DIP loan commitments minus the interim DIP loans on a final basis.
The dates relating to the asset sale were modified so that the deadline for the debtors to select a stalking horse bidder is extended to Jan. 11, the bid deadline is extended to Jan. 20 from Jan. 6, the date of the auction was extended to Jan. 25 from Jan. 11, the date of the sale hearing is extended to Jan. 29 from Jan. 15, and the deadline for the closing date of the sale is extended to Feb. 4 from Jan. 21.
Studio Movie Grill is a Dallas-based dine-in movie theater chain. The company filed Chapter 11 bankruptcy on Oct. 23 under case number 20-32633.
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