Salus Capital Partners Closes $10 Million DIP Loan for Strauss Auto
Salus Capital Partners, LLC announced it has provided a $10 million debtor-in-possession (DIP) credit facility to SDA, Inc. (d/b/a Strauss Auto). The financing will be used by Strauss Auto to provide working capital as the company operates under Chapter 11 of the U.S. Bankruptcy Code.
Strauss Auto offers a variety of automotive parts and accessories including: batteries, oil, lubrication products, chemicals, tires, hardware and antifreeze products. Automotive services are also offered at stores including oil changes, tune ups, exhaust work, wheel alignments, state inspections, battery replacements and other installations of various parts.
“The Salus Capital DIP facility provides Strauss Auto incremental liquidity at a time when additional working capital is critical to efficiently operate under the supervision of the court. We appreciate the commitment and sense of urgency that Salus undertook to deliver a timely solution for the company,” said Glenn Langberg, chief restructuring officer of SDA, Inc.
“We are pleased to provide a timely DIP facility to Strauss Auto that maximizes liquidity to the company as it operates under Chapter 11,” said Kyle C. Shonak, senior vice president, Special Opportunities of Salus Capital. “As a subsidiary of Harbinger Group, Inc., we tailor each transaction to manage liquidity, most notably during critical or timely situations where responsiveness is of the utmost importance to support the preservation of collateral value for the estate.”