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Lincoln Power receives final approval to access cash collateral
By Sarah Lizee
Olympia, Wash., April 28 – Lincoln Power, LLC received final approval to access cash collateral of its prepetition secured lenders, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
The company currently has about $151 million of secured funded debt outstanding. The debt is through a credit agreement with ABN Amro Capital USA LLC as issuing lender, Investec Bank plc as administrative agent and First Citizens Bank & Trust Co. as collateral agent. There is $136 million outstanding under a term loan, $15 million outstanding under a revolver and $7.9 million of letters of credit issued.
The Charlotte, N.C.-based power company owns two gas-fired power-generation facilities in Illinois. The company filed Chapter 11 bankruptcy on March 31 under case number 23-10382.
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