Ultimate Escapes gets interim access to $3.63 million DIP facility

By Lisa Kerner

Charlotte, N.C., Sept. 22 - Ultimate Escapes Holdings, LLC was granted interim access to $2.32 million of a $3.63 million debtor-in-possession credit facility through Oct. 8, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

CapitalSource Finance, LLC is the administrative, payment and collateral agent on the DIP facility.

A hearing to grant final approval of the DIP facility is scheduled for Oct. 7. If approval is granted, the company will have access to the full facility through Oct. 22.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

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