Alpha Latam gets final court approval of $45 million DIP financing

By Sarah Lizee

Olympia, Wash., Sept. 13 – Alpha Latam Management, LLC received final approval of a $45 million senior secured debtor-in-possession facility provided by an informal group of bondholders, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the debtors expect access to the DIP financing, together with its incoming cash from collections, will provide them with sufficient liquidity to consummate a value-maximizing sale transaction of their Colombian loan portfolio.

The facility is set to mature in six months and bear interest at 10%. Default interest would be 12%. There is a 2% commitment fee and a 2% exit fee.

Wilmington, Del.-based Alpha Latam Management is a technology-enabled financial services company that provides consumer lending products in Colombia. The company filed bankruptcy on Aug. 1 under Chapter 11 case number 21-11109.

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