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Court approves Weinstein Co.'s $25M emergency loan

Weinstein Co. LLC received court approval for a $25 million debtor-in-possession financing from Union Bank, Variety reported March 20.

The credit facility is expected to help the company pay its employees, and without it would not have been able to do so, Robert Del Genio, the company's chief restructuring officer, reportedly said.

The loan has an interest rate of about 11.7%. Weinstein Co. plans to draw $7.5 million of the $25 million facility over the next five weeks.

Weinstein Co. recently filed for bankruptcy and entered into a "stalking horse agreement" with an affiliate of Lantern Capital Partners.