Ritchie Capital granted final court approval on $30 million DIP

By Reshmi Basu

New York, July 25 - Ritchie Capital Management Ltd.'s two Irish-based hedge funds received final approval for their $30 million in debtor-in-possession financing from the U.S. Bankruptcy Court for the Southern District of New York.

The bankrupt funds are Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd.

As previously reported, the funds received a commitment for $30 million in DIP facility from ABN Amro Bank NV.

The DIP will mature on the earliest of Nov. 1, the effective date of a plan of reorganization or the closing date of a sale of substantially all of the funds' assets.

Interest will be Libor plus 350 basis points.

The funds will pay a $600,000 fee to the DIP lender, with $300,000 to be paid in connection with the initial borrowing request and $300,000 under a borrowing request to be made on the date of the final order.

The funds filed for bankruptcy on June 20, 2007. Its Chapter 11 case number is 07-11906.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.