Mississippi Chemical obtains court approval for $32.5 million DIP facility

New York, Oct. 2 - Mississippi Chemical Corp. said it obtained court approval for a $32.5 million debtor-in-possession revolving credit facility.

Harris Trust and Savings Bank is the lead bank on the facility.

Mississippi Chemical, which filed for Chapter 11 protection on May 15, said it also has $11 million in cash to fund its ongoing operations.

The company added that it has recently resumed full production at its ammonium nitrate facility in Yazoo City, Miss. and West potash facility in Carlsbad, N.M. In addition, the East potash facility in Carlsbad, N.M. is currently in the process of restarting and expects to be fully operational by mid-October.

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