Brilliant Energy trustee seeks OK to lift TIP loan by $4.7 million

By Sarah Lizee

Olympia, Wash., June 17 – Brilliant Energy, LLC’s Chapter 7 trustee is seeking court approval to increase a multi-draw trustee-in-possession term loan facility by $4.7 million to $18.7 million, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The trustee is also seeking an extension of the maturity date of the facility to July 31.

The increase and extension is necessary for the trustee to wind up the debtors’ operations in a manner that best preserves the value of their assets, the trustee said.

The company’s pre-petition secured lender, DTE Energy Trading, Inc., is 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.

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