HOLT GROUP SECURES $15 MILLION WELLS FARGO LOAN

HOLT GROUP SECURES $15 MILLION WELLS FARGO LOAN    The Holt Group, Inc., a Philadelphia-based shipping, terminal operating and logistics group, announced on Wednesday that it had secured a new $15 million loan from Wells Fargo Business Credit.
   Well Fargo extended the money, in the form of DIP (debtor in possession) financing, to provide working capital as Holt Group reorganizes. The loan replaces Holt’s original $10 million DIP loan from First Union.
   Tom Holt, Jr., chief executive officer of the Holt Group, also announced the appointment of Tom Hays as the company’s chief restructuring officer.
   “It is projected that this new credit facility will be funded next week and will be more than sufficient to carry the Holt Group through its emergence from bankruptcy and beyond,” the company said in a statement.