Hastings Entertainment wins final OK of $90 million DIP facility

By Caroline Salls

Pittsburgh, July 25 – Hastings Entertainment, Inc. received final court approval to obtain $90 million of debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Bank of America, NA is the administrative and collateral agent.

The DIP loan will mature on the earliest of Dec. 12, the closing of a sale of all or substantially all of the company’s assets and the effective date of a Chapter 11 plan.

Interest will be Libor plus 300 basis points or, at the option of the debtors, Base rate plus 200 bps.

Amarillo, Texas-based Hastings Entertainment is a multimedia entertainment retailer. The company filed bankruptcy on June 13 under Chapter 11 case number 16-11452.

© 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.