Fleetwood Enterprises granted interim approval of $80 million DIP loan

By Caroline Salls

Pittsburgh, April 1 - Fleetwood Enterprises, Inc. was granted interim access to its $80 million debtor-in-possession facility, according to a Wednesday filing with the U.S. Bankruptcy Court for the Central District of California.

The final hearing is scheduled for April 21.

Bank of America, NA is the administrative agent, and Wells Fargo Foothill, Inc., Textron Financial Corp., PNC Bank, NA, Wachovia Bank, NA and Bank of America are the lenders.

The facility includes a $65 million sub-limit for letters of credit.

Interest will be Base rate plus 450 basis points.

The DIP loan will mature on the earliest of Oct. 31, 2009, the effective date of a plan of reorganization, 45 days after the bankruptcy filing date if a final order has not been entered, confirmation of a plan of reorganization that has not been consented to by the lenders, upon the sale of substantially all of the company's assets and the earlier of the effective date of a plan of reorganization that has been agreed to by the lenders or 60 days following the confirmation of that plan.

Based in Riverside, Calif., Fleetwood produces, distributes and services recreational vehicles and manufactured housing. The company filed for bankruptcy on March 10. Its Chapter 11 case number is 09-14254.

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