Charge Enterprises gets final approval of $10 million DIP facility

By Sarah Lizee

Olympia, Wash., April 9 – Charge Enterprises, Inc. received final approval of a $10 million debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Charge and its prepetition lenders, AI Amped I, LLC and AI Amped II, LLC, have reached an agreement regarding a balance-sheet restructuring in support of a pre-packaged plan.

The company also reached a final agreement with the prepetition lenders on the terms of a $10 million DIP facility with AI Amped I as DIP agent.

The facility is set to mature on May 31 and bear interest at one-month SOFR (with a floor of 5%) plus 1,000 basis points per annum, paid in cash.

There is a 1% upfront fee and 3% exit fee.

The company also received final approval to use cash collateral of its prepetition lenders.

The New York-based electric vehicle-charging infrastructure company filed Chapter 11 bankruptcy on March 7 under case number 24-10349.

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