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Avado DIP loan amended to allow PIK interest through May
By Caroline Salls
Pittsburgh, April 9 - Avado Brands Inc.'s $67 million debtor-in-possession facility has been amended to allow interest accrued from March through May to be paid in kind, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.
However, the PIK amount must be paid in cash on the earlier of June 15 and the date the company files an amended wind-down budget with the court that proves its ability to pay the interest in cash, the filing said.
DDJ Capital Management, LLC is the DIP facility agent.
Avado, a Madison, Ga., restaurant company, filed for bankruptcy on Sept. 5, 2007. Its Chapter 11 case number is 07-11276.
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