RGN-Group gets approval to amend DIP loan, increase by $47 million

By Sarah Lizee

Olympia, Wash., Dec. 2 – RGN-Group Holdings, LLC obtained court approval of an amendment that will increase the size of its $50 million debtor-in-possession facility by $47 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The amendment will also extend some Chapter 11 milestones under the facility.

The company said in its motion that it is undergoing lease negotiations and has determined that it requires access to additional financing to fund potential costs related to the lease amendments and to ensure adequate funding throughout the Chapter 11 cases.

“These funds will ensure that the debtors are able to lock in significant value for each estate through the finalization of these lease amendments,” the company said in the filing.

Regus Corp. is the lender under the facility.

The facility is set to mature on Feb. 16.

Interest accrues at 6.5% per annum.

Carrollton, Tex.-based RGN provides workplace solutions to independent and mobile professionals, home-based businesses, small and emerging businesses and midsize-to-large corporations. The company filed Chapter 11 bankruptcy on Aug. 17 under case number 20-11961.

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