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WL Homes seeks approval of $2 million DIP facility from Emaar America
By Caroline Salls
Pittsburgh, July 7 - WL Homes LLC's Chapter 7 trustee requested court approval of a $2 million debtor-in-possession facility from Emaar America Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
Emaar is the 100% owner of WL Homes' parent, WL Investors LLC.
According to the motion, the trustee needs the DIP financing to fund the liquidation of the company.
Interest will be Prime rate plus 100 basis points.
The facility will mature on Sept. 30, 2009.
The trustee is seeking interim access to $1.1 million of the DIP financing.
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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