AeroCision Parent, lenders agree to lift DIP facility to $15.5 million

By Sarah Lizee

Olympia, Wash., Oct. 2 – AeroCision Parent, LLC and its debtor-in-possession lenders have agreed to lift the company’s DIP financing to $15.5 million from $12.5 million, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Citizens Bank and other prepetition first-lien lenders including Ally Bank, Channel Funding, LLC and Siemens Financial Services, Inc. are providing the financing.

Interest is SOFR plus 600 basis points.

The company said the increase is due to its sale process and extended sale timeline.

The Chester, Conn.-based company is a supplier of complex engine components and assemblies for the global aerospace industry. It filed bankruptcy on July 31 under Chapter 11 case number 23-11032.

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