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Legacy Cares secures final approval of $9 million DIP facility
By Sarah Lizee
Olympia, Wash., June 15 – Legacy Cares, Inc. gained final approval of a $9 million debtor-in-possession facility via UMB Bank, NA and access to cash collateral, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Arizona.
UMB is receiving security for the facility in the form of security interests and liens on all property of the estate with the same priority as UMB’s liens on the petition date, junior liens on all property of the estate and senior liens on all property of the estate that was unencumbered on the petition date.
Interest on the facility is 12% per annum. Default interest would jump up to 14%.
There is a fee on 2% of the total borrowing cap.
The facility is set to mature on Sept. 30, subject to earlier maturity following certain events.
Legacy Cares is a non-profit corporation that owns Legacy Park, formerly known as Bell Bank Park, a 320-acre sports and entertainment complex in Mesa, Ariz. The company filed bankruptcy on May 1 under Chapter 11 case number 23-02832.
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