STAR Dynamics wins final approval of $2.53 million loan and cash use

By Caroline Salls

Pittsburgh, Jan. 31 - STAR Dynamics Corp. received final court approval to obtain $2.53 million in post-bankruptcy financing from director Thomas Becnel and to use cash collateral to fund its operations, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Ohio.

STAR said the post-bankruptcy revolving credit facility will provide working capital for its operations to the extent cash collections may be insufficient to fund all projected disbursements.

Interest on the revolver will be 6%.

The financing termination date will be March 31.

STAR Dynamics, a Hilliard, Ohio-based instrumentation radar systems company, filed bankruptcy on Dec. 10. The Chapter 11 case number is 13-59657.

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