Found it in the 8-k. I was confused from the prior filings when they were going to try to refi the Whitney debt when they closed Cumming originally. But when they did the JV that plan changed.
Q. Why did York provide a bridge loan and what are the obligations of Deep Down, if any?
A. To accommodate the selling shareholders, we agreed to close the transaction by December 31, 2010, leaving little time to close on third party financing. In order to ensure a timely close, York agreed to provide the debt required for the acquisition and initial working capital. The expectation of the joint venture is for the bridge loan to be refinanced once third party debt is secured. We anticipate having the debt placed with a senior lender during the first quarter of 2011. This is debt of the Joint Venture and Deep Down has no financial obligations or commitments to this debt.
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