The US Bankruptcy Court gave an order to Libbey Glass Inc. to obtain DIP financing on a final basis on July 2, 2020. The total DIP facility consists of DIP ABL facility of $100 million and DIP Term loan facility of $60 million. As per the order, the debtor can obtain a DIP facility in the amount of $160 million in total from JPMorgan Chase Bank, N.A., Citibank, N.A., Barclays Bank PLC and Fifth Third Bank with JPMorgan Chase Bank, N.A. acting as the administrative agent for DIP ABL facility and Cortland Capital Market Services LLC acting as administrative agent for DIP Term loan facility. The DIP ABL loan commitments were as follows: $35 million by JPMorgan Chase Bank, N.A., $25 million by Citibank, N.A., $22.5 million by Barclays Bank PLC and $17.5 million by Fifth Third Bank. The DIP ABL facility loan would either carry an interest rate of adjusted LIBOR plus 3.5% p.a. or a CB Floating rate plus 2.5% p.a. while the DIP Term loan facility would either carry an Eurocurrency rate of 11% or Base rate of 10%. As per the terms of the DIP agreement, the DIP ABL loan carries a commitment fee which shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed and DIP Term loan carries a commitment fee of 4%. The DIP revolving facility would mature either November 28, 2020 or July 6, 2020 after the filing date if final financing order has not been entered or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. The DIP term loan facility would mature either 35 days after the filing date if final financing order has not been entered or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.03 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.