Cadence Innovation's DIP loan maturity extended to Friday

By Jennifer Lanning Drey

Portland, Ore., Jan. 7 - Cadence Innovation LLC obtained court approval to extend the maturity of its debtor-in-possession facility to Jan. 9 from Dec. 31, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

When requesting the extension, Cadence said it was liquidating its assets and should be able to repay the DIP facility in full within the next month or so as it collects amounts owed by General Motors Corp. and Chrysler LLC.

The company said in the meantime it would need to be able to request DIP loan advances.

Cadence said it had already asked its lenders to further extend the maturity beyond Jan. 9 to Feb. 28.

Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26. Its Chapter 11 case number is 08-11973.

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