Schramm secures approval for interim access to $3 million of DIP loan

By Caroline Salls

Pittsburgh, June 25 – Schramm, Inc. received court approval to access $3 million of a proposed $6 million in debtor-in-possession financing on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for July 18.

GenNx360 has agreed to provide the DIP financing for the company to run a sale process and has agreed to serve as the stalking horse bidder for substantially all of the Schramm debtors’ assets.

Interest on the DIP facility will accrue at a rate of 12%.

The facility will mature 120 days after the bankruptcy filing date.

Schramm is a West Chester, Pa.-based drilling company. The company filed bankruptcy on June 24 under Chapter 11 case number 19-11396.

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