Trigeant court allows interim access to $2 million of DIP financing

By Kali Hays

New York, Dec. 8 – Trigeant Holdings, Ltd. and Trigeant, LLC, holding companies of Trigeant, Ltd., won access to $2 million of debtor-in-possession financing under a third interim order filed Dec. 8 with the U.S. Bankruptcy Court for the Southern District of Florida.

A final hearing is scheduled for Dec. 10.

As previously reported, Trigeant received interim access to $1.2 million of the DIP facility Oct. 10.

Gulf Coast Asphalt Co., LLC is the DIP lender.

Interest on the DIP loan will be 8½%, payable in-kind.

If an event of default occurs, the interest rate will increase to 10½%.

The loan will mature on the earlier of Feb. 20, one month after entry of an interim order if a final order approving the financing has not been entered and the effective date of the reorganization plan.

Upon requesting emergency approval of the DIP financing in September, the debtors said they lacked sufficient working capital to fund operations and an asset sale process while in bankruptcy.

Trigeant entered into an asset purchase agreement on Sept. 16 with Gravity Midstream Corpus Christi, LLC for a $100 million sale of substantially all company assets.

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

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