Global Power Scores $85M DIP Loan

Law360, New York (November 22, 2006, 12:00 AM EST) -- Global Power Equipment Group Inc. has received a commitment for a debtor-in-possession loan from Morgan Stanley Senior Funding Inc. for up to $85 million, the bankrupt company said on Tuesday.

The loan is still subject to approval from the U.S. Bankruptcy Court for the District of Delaware, and is subject to further due diligence by Morgan Stanley, Global Power said.

The DIP credit facilities will be used to refinance the company’s existing secured revolving debt and term loan, take care of performance obligations under letters of...
To view the full article, register now.