Chassix Gets Final Nod to Access $250MM in DIP Financing
Chassix Holdings and its U.S. subsidiaries received approval from the U.S. Bankruptcy Court for the Southern District of New York to access the full amount its $250 million in committed DIP financing. The company had previously received interim approval from the court to access up to $205 million of the DIP financing. The court also granted final approval for several other orders that, among other things, enable Chassix to continue normal business operations.
“With the Court’s approval of our $250 million DIP financing, Chassix now has access to $45 million of additional liquidity that will help ensure that business operations continue in the ordinary course,” said Mark Allan, Chassix CEO. “Throughout this process, we remain fully committed to continuing to provide our customers with high-quality products and services without interruption, and we deeply value their ongoing support. This progress would not be possible without the dedication of our employees, who continue to work hard every day.”
Weil, Gotshal & Manges is serving as legal counsel, and Lazard Freres & Co. is serving as financial advisor to Chassix. FTI Consulting is providing interim management services to Chassix, including operational evaluation, business plan development and strategy implementation.
Chassix represents a $1.4 billion, privately held automotive supplier of precision casting and machining solutions.
Previously on abfjournal: PNC Provides Chassix DIP Financing, March 13, 2015