1250 Oceanside looks to increase DIP loan, extend plan order deadline

By Caroline Salls

Pittsburgh, Nov. 19 - 1250 Oceanside Partners requested court approval to amend its debtor-in-possession loan agreement, according to a Monday filing with the U.S. Bankruptcy Court for the District of Hawaii.

Specifically, the company wants to increase the principal amount of the loan to $4 million from $2.5 million and extend the date by which it is required to obtain a final, non-appealable plan of reorganization confirmation order to March 31 from Dec. 31.

1250 Oceanside said the court set the plan confirmation hearing for Feb. 3, which is a few months later than it expected near the beginning of its bankruptcy proceedings.

By the end of the year, the company said it expects to have drawn down most of the available DIP line of credit.

The company said it does not currently have any source of income to pay its operating expenses or to cover administrative costs incurred in its reorganization proceedings.

A hearing is scheduled for Dec. 16.

1250 Oceanside is the Roseville, Calif.-based developer of the Hokuli'a project. The company filed for bankruptcy on March 6, 2013 under Chapter 11 case number 13-00353.

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