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WL Homes granted interim access to $5.29 million DIP financing; final hearing March 9
By Caroline Salls
Pittsburgh, Feb. 24 - WL Homes LLC obtained interim access to $5.29 million of its $30.88 million in debtor-in-possession financing from Emaar America Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for March 9.
WL Homes said the DIP financing will allow it to pay employees, suppliers and service providers, continue development of real estate projects, preserve the going-concern value of its business and conduct an orderly sale of some assets.
Interest will be Prime rate plus 100 basis points.
The facility will mature in 12 months, or earlier if the company fails to confirm a plan of reorganization by Sept. 30, 2009.
WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19. Its Chapter 11 case number is 09-10571.
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