Stoneway Capital seeks court approval of $16.5 million DIP facility

By Sarah Lizee

Olympia, Wash., June 18 – Stoneway Capital Ltd. is seeking court approval to enter into a $16.5 million debtor-in-possession secured superpriority multi-draw term loan facility, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The financing is being provided by pre-petition term lenders Gramercy Energy Secured Holdings II LLC, Gemcorp Fund I Ltd. and Gemcorp Multi Strategy Master Fund Sicav SCS.

The company is seeking interim access to $5.5 million of the facility.

The facility is set to mature six months from the petition date.

Interest is 10%, payable monthly in cash or in kind.

A hearing is scheduled for July 1.

Stoneway said the financing will ensure that the debtors have enough funding to address their administrative needs over a six-month period, while also allowing them to protect and preserve their valuable collateral in Argentina.

Stoneway is a privately held New Brunswick, Canada, company based in Buenos Aires and established in 2016 for the purpose of constructing, owning and operating power plants to provide electricity to the wholesale electricity market in Argentina through indirect subsidiaries. The company filed bankruptcy on April 7 under Chapter 11 case number 21-10646.

© 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.