Daily News: April 23, 2015

Siena Closes DIP Revolver for Gourmet

Siena Lending Group completed a $6 million DIP revolving credit facility for Gourmet Express. The facility will be used to fund working capital until the completion of a bankruptcy sale.

David Grende, president and CEO of Siena Lending Group, said, “We are pleased to be able to provide the company with the working capital it needs as they transition into their next phase,”

Robert Iommazzo, chief restructuring officer of Gourmet and a managing director at Traxi, said, “We were able to utilize Siena’s knowledge of the bankruptcy process to provide Gourmet with the funding to help navigate through the bankruptcy.”

Greenville, KY-headquartered Gourmet is a packaged consumer products company specializing in the production, distribution and marketing of a wide variety of frozen food products.