Greenbrier Hotel $4 million interim DIP financing approved; final hearing April 8

By Caroline Salls

Pittsburgh, March 20 - The Greenbrier Hotel Corp. was granted interim access to $4 million of its $19 million in debtor-in-possession financing from CSX Corp., according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The final hearing is scheduled for April 8.

The company said the DIP financing will be used to support The Greenbrier resort's ability to operate in the normal course in the near term.

The DIP facility will mature on the earliest of June 30, April 13 if the final order has not been entered, the effective date of a plan of reorganization and the date of a sale of substantially all of the company's assets.

Interest will be 10%.

The White Sulphur Springs, W.Va.-based Greenbrier Hotel Corp. is a wholly owned subsidiary of The Greenbrier Resort and Management Corp. The company filed for bankruptcy on March 19, and its Chapter 11 case number is 09-31703.

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