The US Bankruptcy Court gave an order to Williams Industrial Services Group, L.L.C to obtain DIP financing on a final basis on August 18, 2023. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $8.33 million out of total facility of $12 million from PNC Bank, National Association with PNC Bank, National Association acting as the administrative agent.; term facility in the amount of $14 million out of total facility of $19.5 million from Energy Impact Credit Fund I LP($8.35 million), 34th Street Funding, LLC($5.57 million), and CrowdOut Credit Opportunities Fund LLC($5.57 million), with EICF Agent LLC acting as the administrative agent. The DIP term loan would carry an interest rate of SOFR (based on 1-month interest period) + 9.00% and revolving term loan at SOFR (based on 1-month interest period) + 4.00%, along with an additional 2% p.a. interest in the event of default.

As per the terms of the DIP agreement, the loan carries a commitment fee of 2% p.a., application fee of 1% and exit fee of 1%. The DIP facility would mature for revolving credit facility on July 22, 2024, and for term loan facility September 29, 2023, 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 $0.35 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.

The final hearing is scheduled for August 17, 2023.