Local Insight Media gets final court approval of $25 million DIP loan

By Caroline Salls

Pittsburgh, Dec. 29 - Local Insight Media Holdings, Inc. received final court approval of its $25 million debtor-in-possession facility from J.P. Morgan Chase and GSO Capital Partners LP, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The DIP facility will mature one year from closing.

Interest will be either Libor plus 500 basis points or Base rate plus 400 bps.

Local Insight said the DIP facility will provide a source of funds to enable it to meet its business obligations during the reorganization process.

Local Insight, an Englewood, Colo., publisher of print and online directories, filed for bankruptcy on Nov. 17. Its Chapter 11 case number is 10-13677.

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