Brilliant Energy trustee gets OK to lift TIP loan by $4.7 million

By Sarah Lizee

Olympia, Wash., June 18 – Brilliant Energy, LLC’s Chapter 7 trustee secured court approval to increase a multi-draw trustee-in-possession term loan facility by $4.7 million to $18.7 million, according to an order filed late Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The trustee also secured an extension of the maturity date of the facility to July 31.

The increase and extension are necessary for the trustee to wind up the debtors’ operations in a manner that best preserves the value of their assets, the trustee said in their motion.

The company’s pre-petition secured lender, DTE Energy Trading, Inc., is the TIP term loan lender, as previously reported.

Interest is 6% per annum. The post-default rate is 8%.

The Houston-based electricity provider filed bankruptcy on March 16 under Chapter 7 case number 21-30936.

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