American Tire Distributors Reaches DIP Plan Deal After Dust-Up

A US bankruptcy judge approved a revised debtor-in-possession financing proposal for American Tire Distributors after a battle between lenders raised risks for the company’s bankruptcy proceedings.

• The deal involves removing the roll-up of a term loan, a lawyer representing the firm said at a Thursday court hearing
  • The roll-up would have moved the debt to the front of the repayment line in lockstep with new money
• There will be no change in pricing of the DIP loan, the lawyer added
• “I’m delighted to approve this step and allow the case to proceed in an orderly manner,” said Judge Craig ...