Volunteer Energy gets OK of amended DIP loan of up to $7 million

By Sarah Lizee

Olympia, Wash., April 26 – Volunteer Energy Services Inc. received final court approval of an amended debtor-in-possession facility of up to $7 million with PNC Bank, NA, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Ohio.

The debtor had originally sought approval of a DIP facility with a maximum amount of $5 million. The company had received interim approval to access the facility.

However, at the final hearing on April 21, the debtor, DIP secured parties and official committee of unsecured creditors requested approval for a DIP facility for the period ending May 20 up to the maximum amount of $6.35 million; at the DIP secured parties’ option for the extended period ending June 10, up to the maximum amount of $7 million, inclusive of the prior $6.35 million; and thereafter up to the maximum amount as agreed by the debtor and the DIP secured parties.

Interest is a base rate plus 500 basis points, as previously reported.

The Pickerington, Ohio-based retail energy provider filed Chapter 11 bankruptcy on March 25 under case number 22-50804.

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