Water Gremlin, a manufacturer of components for batteries used to power the commercial, consumer, military and government transportation and infrastructure sectors, is evaluating multiple offers from interested parties to acquire substantially all of the assets of its U.S. and European divisions.
To complete a value-maximizing transaction in the most efficient manner, Water Gremlin and its U.S. affiliates commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Water Gremlin Aquila Company, the company’s European division based in Brescia, Italy, is not part of the proceedings.
Water Gremlin has obtained a commitment for $10 million in debtor-in-possession financing from SG Credit Partners to support ongoing manufacturing and distribution as it continues to offer customers consistent quality solutions. Subject to court approval, this financing, together with the company’s cash reserves, will provide ample liquidity to help the company fulfill commitments to its valued employees, customers, and suppliers during the process.
