Saint Michael’s Medical gets interim access to $5 million of DIP loan

By Caroline Salls

Pittsburgh, Aug. 12 – Saint Michael’s Medical Center, Inc. obtained interim court approval to use $5 million of a proposed $15 million of debtor-in-possession financing from Trinity Health Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of New Jersey.

The final hearing is scheduled for Sept. 11.

Interest will be 6%.

The facility will mature on the earliest of April 1, 2016, the effective date of a Chapter 11 plan, conversion or dismissal of the bankruptcy cases, appointment of a Chapter 11 trustee and completion of a sale of the company’s assets.

Saint Michael’s is a Newark, N.J., medical center. The company filed bankruptcy on Aug. 10 under Chapter 11 case number is 15-24999.

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