Thompson Publishing granted final approval for $3 million DIP loan

By Lisa Kerner

Charlotte, N.C., Oct. 12 - Thompson Publishing Holding Co., Inc. was granted final approval for $3 million in debtor-in-possession financing from PNC Bank, NA, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The court previously granted the company interim access to $750,000 of the funding.

A total of $150,000 of the DIP loan will be available for letters of credit.

As previously reported, interest on the loan will be the greater of PNC's Prime rate plus 575 basis points and 9%.

The facility will mature on the earliest of Nov. 19, upon closing of the proposed sale of the company's assets, the effective date of a plan of reorganization and upon dismissal or conversion of the bankruptcy case.

Thompson, a Tampa, Fla., publishing company, filed for bankruptcy on Sept. 21. Its Chapter 11 case number is 10-13070.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.