Anvil $30 million interim DIP approved

By Caroline Salls

Pittsburgh, Oct. 5 - Anvil Holdings, Inc. obtained interim court approval to use up to $30 million of its proposed $40 million debtor-in-possession facility from Wachovia Bank, NA, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Proceeds of the DIP facility will be used for general operating purposes and working capital.

Interest will be Prime rate plus 50 basis points or Libor plus 250 bps, at Anvil's option.

Maturity will be Sept. 28, 2007.

Anvil will pay a $200,000 facility fee, an unused-line fee of 0.375% of the available funds and a $4,000 monthly management fee.

The final DIP hearing is scheduled for Oct. 23.

Anvil Holdings, a New York-based parent of Anvil Knitwear, filed for bankruptcy on Monday. Its Chapter 11 case number is 06-12345.

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