PQ New York OK’d to increase DIP financing amount by $1.43 million

By Caroline Salls

Pittsburgh, June 9 – PQ New York, Inc. received court approval of an amendment to its debtor-in-possession facility that increases the total commitment to $4.43 million from $3 million, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The order gives the company interim access to $3.95 million of the DIP financing.

PQ New York said in the amendment motion that the additional financing will allow it to cover remaining lease obligations through June.

The final DIP financing hearing is scheduled for June 26.

PQ is a New York-based restaurant company that filed for bankruptcy on May 27. The Chapter 11 case number is 20-11266.

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