Renew Energy granted interim OK of $2.5 million DIP loan; final hearing set for Feb. 18

By Caroline Salls

Pittsburgh, Feb. 3 - Renew Energy LLC was granted interim access to its $2.5 million debtor-in-possession financing from West Pointe Bank, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Wisconsin.

The final hearing is scheduled for Feb. 18.

Interest will be 6%.

The facility will mature on the earlier of March 1 or upon the availability of post-bankruptcy take out financing from other lenders.

Renew Energy, a Jefferson, Wis., ethanol producer, filed for bankruptcy on Jan. 30. Its Chapter 11 case number is 09-19491.

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