Dakota Plains granted final court approval of $2 million DIP facility

By Caroline Salls

Pittsburgh, Jan. 19 – Dakota Plains Holdings, Inc. received final court approval to access $2 million in debtor-in-possession financing, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Minnesota.

SunTrust Bank is the administrative agent for the DIP financing.

The DIP facility will mature on the earliest of 90 days from the closing date, the closing of the company’s sale transaction, the effective date of a Chapter 11 plan and acceleration of the loan obligations.

Interest will accrue at a rate of 8%.

Dakota Plains, a midstream energy company based in Wayzata, Minn., filed for bankruptcy on Dec. 20 under Chapter 11 case number 16-43711.

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