Brilliant Energy trustee gets approval of $14 million TIP financing

By Sarah Lizee

Olympia, Wash., April 22 – Brilliant Energy, LLC’s Chapter 7 trustee secured court approval of a $14 million multi-draw trustee-in-possession term loan facility, according to a final order filed Thursday 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 final court approval to access the cash collateral of DTE.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.