Trigeant gets commitment for $1.2 million DIP loan to fund asset sale

By Kali Hays

New York, Sept. 17 – Trigeant Holdings, Ltd. and Trigeant, LLC, holding companies of Trigeant, Ltd., asked for interim and final approval on $1.2 million of debtor-in-possession financing from Gulf Coast Asphalt Co., LLC, according to a Wednesday motion with the U.S. Bankruptcy Court for the Southern District of Florida.

The debtors said they lack sufficient working capital to fund its operations and the asset sale process while in bankruptcy.

As reported, Trigeant entered into an asset purchase agreement Tuesday with Gravity Midstream Corpus Christi, LLC for a $100 million sale of substantially all company assets.

The interest rate for the DIP loan will be 8.5% payable in kind.

If an event of default occurs the interest rate will increase to 10.5%

The loan will mature on the earlier of Dec. 12, one month after entry of an interim order if a final order approving the financing has not been entered, or the effective date of the reorganization plan.

The debtors requested an emergency hearing be scheduled.

Trigeant, a Boca Raton, Fla.-based petroleum company, filed bankruptcy on Aug. 25. The Chapter 11 case number is 14-29027.

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