Specialty Products gets OK to extend post-bankruptcy loan to June 2016

By Jim Witters

Wilmington, Del., May 20 - Specialty Products Holding Corp. received approval to extend the maturity of its post-bankruptcy financing through June 2016 from June 2, 2013, according to a May 20 filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company may extend the maturity date to the earliest of June 2, 2016, the effective date of a plan of reorganization or liquidation, or the confirmation of a plan that does not call for payment of the loan obligations in full or provide exculpation from release of liability for and a release of claims against the agent and lenders.

Specialty Products said it needs the extension to ensure that it can continue to pay the costs of its Chapter 11 cases and other expenses.

The company will pay a $200,000 extension fee.

Specialty Products is a subsidiary of RMP International Inc., a Medina, Ohio-based producer of specialty chemicals. The subsidiary filed for bankruptcy on May 31, 2010 under Chapter 11 case number 10-11780.

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