Ryze Renewables gets interim access to $2 million of DIP facility

By Sarah Lizee

Olympia, Wash., March 13 – Ryze Renewables II, LLC received interim approval to access $2 million of a proposed $8 million debtor-in-possession facility via Georgia’s Own Credit Union, according to an order filed Saturday with the U.S. Bankruptcy Court for the District of Delaware.

Ryze currently has about $186.4 million outstanding on a prepetition secured term loan with Georgia’s Own Credit Union as agent.

Interest on the DIP facility is equal to the Prime rate plus 200 basis points. There is a 1% exit fee.

The facility is set to mature in 130 days, or earlier if certain events occur.

The Las Vegas-based renewable fuel producer filed bankruptcy on March 9 under Chapter 11 case number 23-10289.

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