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Murray Metallurgical gets $10.8 million in additional DIP financing
By Caroline Salls
Pittsburgh, Aug. 6 – Murray Metallurgical Coal Holdings, LLC received court approval of an amendment to its debtor-in-possession financing agreement that increases the senior DIP facility commitment by $10.8 million, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Ohio.
With the commitment increase and payment of a 4% upfront premium to the senior DIP facility lenders, the company said the new loan amount will be $76.55 million.
The upfront premium will be payable in-kind.
According to the motion, the amendment will give Murray Metallurgical access to the additional financing needed to support its ongoing operations and the administration of its cases pending confirmation of its Chapter 11 plan.
The company said the plan is expected to be confirmed on Aug. 19.
Murray Metallurgical is based in St. Clairsville, Ohio. The company filed bankruptcy on Feb. 11 under Chapter 11 case number 20-10390.
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