Agriprocessors emergency DIP financing extended to Jan. 2

By Caroline Salls

Pittsburgh, Dec. 24 - Agriprocessors, Inc.'s $3.39 million in emergency debtor-in-possession financing has been extended through Jan. 2, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Iowa.

The DIP financing was previously scheduled to expire on Dec. 19.

Interest on the advances is Prime rate plus 325 basis points.

A final DIP loan approval hearing is scheduled for Jan. 5.

Agriprocessors, a Brooklyn, N.Y.-based kosher meat and poultry packer and food processor, filed for bankruptcy on Nov. 4 in the U.S. Bankruptcy Court for the Eastern District of New York. Its case was later transferred to Northern Iowa. Its Chapter 11 case number is 08-02751.

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