Juno USA granted interim access to DIP loan; final hearing Dec. 18

By Caroline Salls

Pittsburgh, Nov. 21 – Juno USA, LP obtained court approval to access $1 million of a proposed $4.5 million in debtor-in-possession financing on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 18.

The financing will be provided by GT Gettaxi Ltd.

Interest will be payable in kind at a rate of Libor plus 800 basis points.

The DIP facility will mature on the earliest to occur of 45 days after entry of the interim order if a final order has not been entered, conversion or dismissal of the Chapter 11 case, the acceleration of the DIP loans and termination of the commitments, the sale of all or substantially all of the company’s assets and the effective date of a Chapter 11 plan.

Juno was a New York-based rideshare service. The company filed bankruptcy on Nov. 19 under Chapter 11 case number 19-12484.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.