CalPlant gets court approval to access $7.2 million of DIP financing

By Sarah Lizee

Olympia, Wash., Oct. 7 – CalPlant I, LLC and CalPlant I Holdco, LLC received interim court approval to access $7.2 million of a proposed $30.1 million in debtor-in-possession financing in the form of new taxable bonds from some of its senior bondholders, according to an interim order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The remaining $22.9 million of bonds are to be issued following a final order.

The interim and final DIP orders provide for a deemed roll-up of the $4.1 million of pre-petition advances by the senior trustee, with half of the roll-up being paid upon entry into the interim order, and the remaining amount being paid upon entry into the final order.

BOKF, NA is the DIP trustee.

Interest will be 9½%, payable monthly. The default rate would be an incremental 2%.

BOKF will receive $40,000 in settlement fees and an annual $6,000 fee.

The bonds are set to mature in one year.

Willows, Calif.-based CalPlant manufactures sustainably-sourced building products. The company filed Chapter 11 bankruptcy on Oct. 5 under case number 21-11302.

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