Jervois opens case with $49 million DIP package
Jervois Texas filed a first-day financing motion seeking authority to access up to $49 million of senior secured priming DIP financing, including $25 million of new money and a $24 million roll-up of prepetition debt, while also using cash collateral. The proposed DIP lenders are Millstreet Credit Fund LP and Mercer QIF Fund PLC - Mercer Investment Fund 1, with Acquiom Agency Services Ltd as DIP agent, according to the DIP and cash-collateral motion.
The financing is the case’s early control point: Jervois tied the liquidity request to maintaining customer, vendor, and supplier relationships, funding payroll and administrative expenses, and carrying the debtors through a prepackaged plan process. The motion says the debtors are targeting plan confirmation within 40 days of the January 28, 2025 petition date and emergence by April 30, 2025, which is also the DIP maturity date. That makes the DIP both the operating runway and the pacing mechanism for the restructuring.