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The court approved Cyprus Mines Corporation’s seventeenth DIP amendment, authorizing another $3.0 million of new-money borrowing from Cyprus Amax Minerals Company and increasing the aggregate DIP commitment to $83.7 million, subject to settlement-related reductions and PIK adjustments. The order says the additional liquidity is needed to pay administrative costs and preserve the estate, keeping the long-running talc-driven Chapter 11 funded as it approaches the next plan milestone Seventeenth DIP Amendment Order.
The amendment also sets April 30, 2026 as the outside maturity date, unless the plan consummates earlier or the debt accelerates, and uses the same date as the deadline for entry of an order confirming an acceptable Chapter 11 plan. That makes the financing order more than a routine cash-management update: it extends runway only through the confirmation push, so professionals tracking recoveries, settlement implementation, and administrative burn should watch whether the case converts this liquidity into plan effectiveness or needs another bridge.
Cyprus Mines and the Imerys debtors put the plan process back on a live calendar: the disclosure-statement hearing is now set for October 28, 2024, and objections to the revised disclosure statements and solicitation procedures are due October 4, 2024, according to the rescheduled disclosure-statement hearing notice. The notice says Cyprus filed its revised disclosure statement for the First Amended Plan on August 2, 2024, while Imerys filed its revised disclosure statement the same day, making this a coordinated plan-solicitation push rather than a standalone calendar update.
The proposed downstream dates matter because they restart the confirmation track after earlier dates were left to be determined: solicitation packages would go out by November 4, the voting deadline would be December 16, the voting certification would be due January 3, 2025, confirmation objections would be due February 5, replies and the proposed confirmation order would be due March 7, and the joint confirmation hearing would run March 17-19, 2025. Professionals tracking talc-related recoveries and insurer/claimant litigation now have a concrete objection, voting, discovery, and confirmation calendar to underwrite strategy.
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