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Dunmore Homes granted final court approval on $1 million DIP facility
By Reshmi Basu
New York, Dec. 14 - Dunmore Homes, Inc. obtained final approval Friday from the U.S. Bankruptcy Court for the Southern District of New York to use another $134,000 of its $1 million debtor-in-possession financing.
The interest on the DIP facility will be 12%.
The DIP financing will mature on the earliest of March 31, on the effective date of a plan of reorganization or upon occurrence of an event of default.
The company obtained interim access to $500,000 of the DIP facility on Nov. 19.
Dunmore Homes, a Granite Bay, Calif., homebuilder, filed for bankruptcy on Nov. 8 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 07-13553.
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