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The Walking Company Holdings Interim D.I.P. Financing Approved

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The U.S. Bankruptcy Court issued an order approving on an interim basis, The Walking Company Holdings’ motion to approve debtor in possession financing, approving postpetition financing, and authorizing use of cash collateral.

As previously reported, “By this Motion, the Debtors seek authority to consummate a new $57.25 million senior, secured debtor-in-possession financing facility (the ‘DIP Facility’) with Wells Fargo Bank, National Association on the terms set forth in the DIP Agreement, consisting of a revolving facility in an amount up to $50 million and a term loan facility in an amount up to $7.25 million. The proceeds of the DIP Facility will be used to repay the existing Prepetition Revolving Credit Obligations and Prepetition Term Loan Obligations, and to provide continued access to financing for the Debtors on a postpetition basis pending consummation of the Debtors’ chapter 11 reorganization plan….Revolver borrowings under the DIP Facility for purposes of the Interim Order shall not exceed $25 million. The term loan under the DIP Facility is subject to entry of the Final Order.” The Court scheduled a final hearing to consider the DIP facility on April 04, 2018.

Read more on the Walking Company bankruptcy.

The post The Walking Company Holdings Interim D.I.P. Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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