American LaFrance granted interim access to $10 million of DIP financing

By Caroline Salls

Pittsburgh, Jan. 30 - American LaFrance, LLC obtained interim access to $10 million of its $50 million in debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Patriarch Partners, LLC is the administrative agent.

The DIP facility will mature on the earliest of May 1, the effective date of a plan of reorganization and upon occurrence of an event of default.

Interest will be Libor plus 800 basis points.

American LaFrance, a Summerville, S.C., manufacturer of emergency and other heavy-duty vehicles, filed for bankruptcy on Jan. 28. Its Chapter 11 case number is 08-10178.

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