Ritchie hedge funds seek DIP commitment increases, maturity extensions

By Caroline Salls

Pittsburgh, Jan. 22 - Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. have requested court approval to increase the commitment and extend the maturity of their debtor-in-possession facilities, according to Friday filings with the U.S. Bankruptcy Court for the Southern District of New York.

Under Ritchie I's DIP amendment, the DIP commitment would be increased by $13.5 million to $50.95 million and the DIP maturity would be extended to Feb. 29 from Jan. 31.

Ritchie I is also seeking court approval to use DIP borrowings to make an $8.45 million settlement payment to Coventry First LLC, LST I LLC, Montgomery Ltd. and Sandy Run Ltd.

Under Ritchie II's DIP amendment, the Ritchie Capital Management hedge fund's DIP commitment would be increased by $1.8 million to $4.5 million and the maturity will be extended to Feb. 29 from Jan. 31.

Ritchie II is also looking to use DIP borrowings to make a $1.55 million settlement payment to the Coventry parties.

A hearing is scheduled for Jan. 24.

Ritchie Capital Management's two Ireland-based hedge funds filed for bankruptcy on June 20, 2007. Their Chapter 11 case number is 07-11906.

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