GEO Specialty Chemicals gets final approval for debtor-in-possession financing

By Jeff Pines

Washington, May 5 - GEO Specialty Chemicals Inc. obtained final approval for its $15 million debtor-in-possession facility, according to a Wednesday order filed with the U.S. Bankruptcy Court for the District of New Jersey.

Interest will be at the prime rate plus 250 basis points. There is a 50 basis point unused fee.

The company filed for bankruptcy on March 18. Harrison, N.J.-based GEO Specialty's Chapter 11 case number is 04-19148.

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