Consulate Health secures final approval of $5 million DIP facility

By Sarah Lizee

Olympia, Wash., May 3 – CMC II, LLC, which does business as Consulate Health Care, received final court approval to access an up to $5 million multi-draw term loan facility from CPSTN Operations, LLC, an affiliate of the debtors, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The facility will mature in 180 days at the latest and will bear interest at a PIK rate of 8% per annum, compounded monthly, as previously reported.

There is a 2% fee payable at maturity.

Consulate Health Care is a Maitland, Fla., senior health care services provider. The company filed bankruptcy on March 1 under Chapter 11 case number 21-10461.

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