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Note: In a bankruptcy proceeding, GWLS Holdings, Inc. (Debtor) moved for an interim order to obtain postpetition financing via a Debtor-in- Possession Facility (DIP Facility) in an amount up to US$73.6 million and with administrative agent UBS AG (Agent). The U.S. Bankruptcy Court for the District of Delaware, Walsh, J., granted the motion authorizing the DIP Facility.

The DIP Facility was authorized to "fund, among other things, ongoing working capital, general corporate, letters of credit and other financing needs of the Debtors, including without limitation certain fees and expenses of professionals payable by the Debtors".

Debtor had prepetition debt in the amount of US$69,923,640 including US$31,523,640 in outstanding letters of credit under the Revolving Credit Facility and US$296,250,000 under the Term Loan. The Judge affirmed the debt as a binding, first priority lien.

[JEB/sdc]

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