Restaurants Unlimited granted final OK of $10 million DIP loan

By Caroline Salls

Pittsburgh, Aug. 7 – Restaurants Unlimited obtained court approval to access $10 million in debtor-in-possession financing on a final basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Restaurants Unlimited said the financing is vital to preserving the value of its assets and maximizing the likelihood of a successful sale process.

Fortress Credit Co. LLC is the DIP facility agent. Drawbridge Special Opportunities Fund, LP and NXT Capital, LLC are the lenders.

The facility will mature on Oct. 9.

Interest will accrue at Libor plus 800 bps.

Restaurants Unlimited is a Seattle-based operator of restaurant chains. The company filed bankruptcy on July 7 under Chapter 11 case number 19-11509.

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