Fresh & Easy granted interim access to $4.5 million of DIP financing

By Caroline Salls

Pittsburgh, Nov. 9 – Fresh & Easy, LLC received interim court approval to use $4.5 million of a proposed $6.25 million in debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 7.

Wells Fargo Bank, NA is the DIP loan agent and lender, but a 100% participation will be sold to YFE Holdings, Inc. under a last-out participation agreement.

Interest will accrue at the Base rate plus 1,000 basis points.

The facility will mature 90 days after entry of the interim order.

Fresh & Easy is a Torrance, Calif.-based supermarket company. The company filed for bankruptcy on Oct. 30 under Chapter 11 case number 15-12220.

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