Vesta Holdings seeks further interim access on DIP loan

Chicago, Nov. 8 – Vesta Holdings, LLC is asking for a second time for interim access to its $37.88 million debtor-in-possession facility, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

Of the DIP facility’s amount, $12.63 million is new money and the rest is a roll-up.

The company had previously received access to $6.31 million of the new money and $12.63 million of the roll-up.

Now, Vesta is asking for access to an additional $2.2 million of new money and $4.4 million from the roll-up loans.

A hearing is scheduled for Wednesday.

As previously reported, the facility will mature 130 days after the petition date and bear interest at adjusted term SOFR for the one-month interest period then in effect plus 1,000 basis points. There is a 5% DIP commitment fee.

The Montgomeryville, Pa.-based wealth advisory, risk management services and insurance brokerage services company filed bankruptcy on Oct. 30 under Chapter 11 case number 22-11019.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.