Brilliant Energy trustee gets OK to access $7.5 million of facility

By Sarah Lizee

Olympia, Wash., April 7 – Brilliant Energy, LLC’s Chapter 7 trustee secured court approval to access $7.5 million of a $14 million multi-draw trustee-in-possession term loan facility, according to an interim order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s pre-petition secured lender, DTE Energy Trading, Inc., is also the TIP term loan lender, as previously reported.

Interest is 6% per annum. The post-default rate is 8%.

The trustee also gained interim court approval to access the cash collateral of DTE.

A final hearing is scheduled for April 19.

The Houston-based electricity provider filed bankruptcy on March 16 under Chapter 7 case number 21-30936.

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