TPI Starts Ch. 11 Process, in Pact for $82.5m DIP Funding (1)

(Updates with assets and liabilities in seventh bullet.)

TPI Composites started voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas and reached an agreement with lenders for up to $82.5m debtor-in-possession (DIP) financing, according to a company statement.

• DIP financing subject to final documentation and court approval
• Senior secured lenders comprised of funds affiliated with those managed by Oaktree Capital Management
• DIP financing facility expected to be comprised of up to $27.5m in new money to support the company’s day-to-day operations and up to $55m rolled up from existing senior secured credit facility
• DIP ...