The U.S. Bankruptcy Court granted final approval to Gymboree’s motion to obtain post-petition financing, authorizing the Debtors to use cash collateral, granting liens and providing super-priority administrative expense status, granting adequate protection to the pre-petition lenders, modifying the automatic stay and scheduling a final hearing.
As previously reported, “Debtors seek to obtain senior secured postpetition financing on a superpriority basis consisting of a senior secured superpriority credit facility in the aggregate principal amount of up to $273,450,000 (the ‘DIP ABL Credit Facility’)…also authorizing the Debtors to obtain senior secured postpetition financing on a superpriority basis in the aggregate principal amount of $105,000,000 (the ‘DIP Term Loan Facility’) and all amounts extended under the DIP Facilities, consisting of (a) a $35,000,000 new money multiple draw term loan facility (‘New Money DIP Term Loans’) and (b) $70,000,000 of term loans resulting from the ‘roll-up’ of amounts outstanding under the Prepetition Term Loan Agreement Bank of America will serve as the agent for DIP ABL facility and Credit Suisse AG will serve as the agent for DIP term loan.”
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