Signal International interim DIP financing increased to $4 million

By Caroline Salls

Pittsburgh, Aug. 11 – Signal International, Inc.’s interim debtor-in-possession facility was increased to $4 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

In addition, the DIP loan agreement now requires court approval of the final financing order, assumption of the company’s restructuring support agreement and the procedures for Signal’s asset sale all to be obtained by Aug. 31.

Last month, Signal obtained interim approval to use $2.5 million of the proposed $90.09 million in DIP financing.

Signal International, a Mobile, Ala.-based marine construction firm, filed bankruptcy on July 12. The Chapter 11 case number is 15-11498.

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