Zohar III OK’d to enter $5.5 million portfolio company loan agreement

By Caroline Salls

Pittsburgh, Jan. 28 – Zohar III, Corp. obtained court approval to enter into an amended portfolio company credit agreement, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

According to the heavily redacted motion, Zohar’s portfolio company “requires an immediate liquidity infusion to continue operating in the ordinary course and to best support the portfolio company’s sale process under the monetization procedures order.”

As a result, the Zohar III debtors agreed to provide the portfolio company with new tranches of term loans consisting of a $3 million term E new loan and an additional discretionary borrowing of $2.5 million.

The new loans will be funded through the debtors’ cash holdings that were otherwise allocated for restructuring cost reserves.

Zohar is a Grand Cayman, Cayman Islands-based collateralized debt obligation. The company filed bankruptcy on March 11, 2018 under Chapter 11 case number 18-10512.

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