Salus Capital Closes $16MM DIP Facility for Namco
Salus Capital Partners announced it provided a $16 million debtor-in-possession (DIP) facility to Namco, LLC. Namco is a multi-channel home recreational products retailer and wholesaler with operations throughout the Northeastern and Mid-Atlantic U.S.
The company specializes in the sale of above ground swimming pools and related products. The financing will be used by the company for working capital as it operates under the protection of Chapter 11 of the U.S. Bankruptcy Code.
“We are pleased to provide a DIP Facility to Namco that will offer the time-critical resources for the company necessary to thoroughly explore and evaluate all options under the supervision of the Court,” said Kyle C. Shonak, senior vice president, Special Opportunities at Salus Capital Partners. “It is our hope that the Namco DIP facility provides a mutually beneficial resolution or potential restructuring that maximizes value for all constituents involved.”