15 — DEFERRED FINANCING COSTS

Deferred financing costs includes fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in interest expense. Refer to Note 9 — Debt for further information regarding the existing loan facilities.

Total net deferred financing costs consist of the following as of December 31, 2015 and 2014:

	Successor		Successor
	December 31, 2015		December 31, 2014

$100 Million Term Loan Facility	$	1,656	$	1,492
$253 Million Term Loan Facility	3,485		3,135
$44 Million Term Loan Facility	861		758
2015 Revolving Credit Facility	1,254		—
$98 Million Credit Facility	2,447		—
$148 Million Credit Facility	3,570		3,233
$22 Million Term Loan Facility	593		529
2014 Term Loan Facilities	1,946		1,853

Total deferred financing costs	15,812		11,000
Less: accumulated amortization	3,107		729

Total	$	12,705	$	10,271

Amortization expense for deferred financing costs for the Successor Company for the year ended December 31, 2015 and the period from July 9 to December 31, 2014 was $2,379 and $845, respectively. Amortization expense for deferred financing costs for the Predecessor Company for the period from January 1 to July 9, 2014 and for the year ended December 31, 2013 was $4,461 and $9,116, respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations.

On the Effective Date, the Company eliminated the net unamortized deferred financing costs for the 2007 Credit Facility and the 2010 Notes and classified the changes as Restructuring items, net in the Consolidated Statements of Operation for the Predecessor Company as both the 2007 Credit Facility and 2010 Notes were terminated as part of the Plan. Additionally, the unamortized deferred financing costs for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility prior to their Restatements and Amendment pursuant to the Plan were eliminated and the Company classified the changes to Restructuring items, net in the Consolidated Statements of Operation for the Predecessor Company. Fees and legal expenses for securing the Amended and Restated $100 Million and $253 Million Term Loan Facilities have been capitalized as deferred financing costs and will be amortized over the extended term of the respective loans.

Baltic Trading entered into the $148 Million Credit Facility on December 31, 2014, which was used to refinance the outstanding indebtedness under the 2010 Credit Facility. As such, on December 31, 2014, the net unamortized deferred financing costs associated with the 2010 Baltic Trading Credit Facility are going to be amortized over the life of the $148 Million Credit Facility. (Refer to Note 9 — Debt)