Scovill Fasteners granted final approval of $20.77 million DIP loan

By Caroline Salls

Pittsburgh, June 1 - Scovill Fasteners Inc. received final court approval of its $20.77 million in debtor-in-possession financing from General Electric Capital Corp., according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Georgia.

Interest will be Libor plus 800 basis points.

The DIP facility will mature on the earliest of 120 days from the bankruptcy filing, the close of a sale of substantially all of the company's assets and the effective date of a plan of reorganization or liquidation.

Under the DIP credit agreement, the sale must close by July 1.

Scovill, a Clarksville, Ga.-based maker of snap-closure buttons for consumer and military clothing, filed for bankruptcy on April 19. The Chapter 11 case number is 11-21650.

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