Outer Harbor Terminal granted court approval of $9.5 million DIP loan

By Caroline Salls

Pittsburgh, March 1 – Outer Harbor Terminal LLC secured final court approval to obtain up to $9.5 million in debtor-in-possession loans and advances, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, HHH Oakland, Inc. is the DIP facility agent. HHH Oakland and Terminal Investment Ltd. are the lenders.

Interest will be 10%.

The financing will mature on the earliest of 30 days after the company’s bankruptcy filing date if Outer Harbor has not obtained a final DIP financing order, filed its plan of liquidation and disclosure statement and obtained court approval to reject a concession agreement and an occupancy agreement by that date, 60 days after the filing date if the company has not turned over possession of all premises by March 31 and obtained a plan confirmation hearing date that is before the 115th day after the bankruptcy filing date, 115 days after the filing date if the plan has not been confirmed, the occurrence of an event of default, payment in full in cash of the DIP facility obligations, 120 days from the bankruptcy filing date and the plan effective date.

Oakland, Calif.-based Outer Harbor is a provider of container terminal operations and stevedore services at the Port of Oakland. The company filed bankruptcy on Feb. 1 under Chapter 11 case number 16-10283.

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