Broadstripe: court OKs DIP amendments to satisfy compliance concerns

By Lisa Kerner

Charlotte, N.C., Sept. 27 - Broadstripe LLC's request for a fourth amendment to its existing debtor-in-possession facility was granted, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the date by which a prospective purchaser must execute a letter of intent to Nov. 1 from Sept. 30 and the deadline for consummation of an approved sale to Dec. 28 from Dec. 27.

As previously reported, Broadstripe said it was seeking permission to extend the deadlines "to avoid any second guessing by prospective purchasers of the debtors' assets as to whether the debtors are in compliance with the terms of the DIP facility."

In July, the court extended the termination date of the company's DIP financing to Dec. 31 from July 15.

Broadstripe, a St. Louis provider of integrated video, broadband and home phone services, filed for bankruptcy on Jan. 2, 2009. Its Chapter 11 case number is 09-10006.

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