Crystallex auction yields $36 million DIP loan commitment from Tenor

By Caroline Salls

Pittsburgh, March 22 - Crystallex International Corp. concluded an auction process to raise debtor-in-possession financing and executed a commitment letter for a $36 million loan from Tenor Special Situation Fund I, LLC, according to a company news release.

The DIP financing commitment is subject to conditions, including execution of a senior secured credit agreement, and is subject to court approval.

A hearing is scheduled for April 5.

Crystallex, a mining company based in Toronto, filed its Chapter 15 case on Dec. 23 with the U.S. Bankruptcy Court for the District of Delaware. The case number is 11-14074.

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