SH 130 Concession requests court approval of $15 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 20 – SH 130 Concession Co. LLC requested court approval to obtain $15 million in debtor-in-possession financing, according to a motion filed Monday with the U.S. Bankruptcy Court for the Western District of Texas.

SH 130 said it has determined that the use of its pre-bankruptcy secured parties’ cash collateral will be insufficient to continue to satisfy its financing needs through the effective date of its Chapter 11 plan.

Wilmington Trust, NA is the DIP financing agent.

The DIP loan will mature on the earliest of the six-month anniversary of entry of the final order, conversion or dismissal of the company’s Chapter 11 cases, the acceleration of the DIP loan and termination of the commitment, the sale of all or substantially all of SH 130’s assets and the plan effective date.

Interest will accrue at a rate of Libor plus 1,200 basis points.

SH 130 is a Buda, Texas-based highway operator. The company filed bankruptcy on March 2, 2016 under Chapter 11 case number 16-10262.

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