Caruso Homes' $1.3 million DIP facility approved

By Caroline Salls

Pittsburgh, July 18 - Caruso Homes, Inc. obtained final court approval of its $1.3 million in debtor-in-possession financing from founder Jeffrey V. Caruso, according to a Friday filing with the U.S. Bankruptcy Court for the District of Maryland.

As previously reported, the company was granted interim access to $300,000 of the DIP loan on June 30.

Proceeds will be used to fund normal expenses, including payroll and bankruptcy-related fees and expenses.

Interest will be 5%, and the DIP facility will mature on Dec. 31.

Caruso, a Crofton, Md., property developer and manager, filed for bankruptcy on June 23. Its Chapter 11 case number is 08-18254.

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