AeroCision gets approval to lift DIP facility to $15.5 million

By Sarah Lizee

Olympia, Wash., Oct. 10 – AeroCision Parent, LLC received approval of an amendment to its debtor-in-possession financing that lifts the amount to $15.5 million from $12.5 million, according to an order filed Tuesday 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, as previously reported.

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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