Ritchie hedge funds DIP availability increased to $42 million, maturity extended to Dec. 15

By Caroline Salls

Pittsburgh, Aug. 13 - Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. obtained court approval of an amendment that increases the availability under its debtor-in-possession financing to $42 million from $12 million, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The DIP maturity was also extended to Dec. 15 from Nov. 1, and the deadline for the company to file a motion for the sale of substantially all of its assets was extended to Sept. 14 from July 30.

The company was in default under the DIP facility for failing to file the asset sale motion by July 30.

Ritchie Capital Management, Ltd.'s two Ireland-based hedge funds filed for bankruptcy on June 20. Their 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.