Murray Metallurgical seeks $5 million in additional DIP financing

By Sarah Lizee

Olympia, Wash., Oct. 29 – Murray Metallurgical Coal Holdings, LLC is seeking court approval of an amendment to its debtor-in-possession financing agreement that increases the senior DIP facility commitment by $5 million to $89.23 million, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Ohio.

The company said the proceeds will be used to support ongoing operations and administration of the Chapter 11 cases pending the court’s ruling on confirmation, which is anticipated to occur in the coming weeks.

Murray will pay to the senior DIP lenders a 4% upfront option premium on the additional commitment.

Murray Metallurgical is based in St. Clairsville, Ohio. The company filed bankruptcy on Feb. 11, 2020 under Chapter 11 case number 20-10390.

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