Mississippi Phosphates granted interim OK of $5 million DIP loan

By Caroline Salls

Pittsburgh, Oct. 30 – Mississippi Phosphates Corp. received interim court approval to obtain up to $5 million in debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Mississippi.

The final hearing is scheduled for Nov. 18.

STUW, LLC is the DIP loan agent.

Interest will be 7%.

The facility will mature on the earliest of April 30, 2015, the closing of a sale of substantially all company assets, the effective date of a Chapter 11 plan and occurrence of a termination event.

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27. The Chapter 11 case number is 14-51667.

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