IMH Financial secures final OK to access $10.15 million DIP loan

By Caroline Salls

Pittsburgh, Aug. 12 – IMH Financial Corp. received final court approval to access $10.15 million in debtor-in-possession financing from JPMorgan Chase Funding Inc., according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The financing will be used to fund IMH’s operations while in Chapter 11.

The DIP facility will mature on Nov. 20.

Interest will accrue at Libor plus an applicable margin to be determined on the closing date.

IMH is a private real estate lending and investment company based in Scottsdale, Ariz. The company filed bankruptcy on July 23 under Chapter 11 case number 20-11858.

© 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.