Open Range Communications seeks court approval of $4 million DIP loan

By Caroline Salls

Pittsburgh, Oct. 7 - Open Range Communications, Inc. requested court approval to obtain $4 million of debtor-in-possession financing from equity sponsor affiliate OEP Open Range Holdings, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Interest will be 4.6%.

The filing explains that the facility will mature on Oct. 6, 2012 and must be paid in full by the earliest of the maturity date, closing of the company's asset sale, the effective date of a plan of reorganization and termination of the financing in connection with an event of default.

The interim hearing is scheduled for Oct. 11.

Open Range Communications is a Greenwood Village, Colo.-based broadband company that filed for bankruptcy on Oct. 6. Its Chapter 11 case number is 11-13188.

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