The U.S. Bankruptcy Court for the District of Delaware has confirmed CTI Foods’ plan of reorganization. Barclays Bank and Wells Fargo are providing an $80 million ABL revolver and a $75 million term loan to support the restructuring.
Custom foodservice manufacturer CTI Foods has been granted interim approval to access up to $142.5 million of its $155 million in DIP financing provided by Barclay’s Bank and Wells Fargo.
CTI Foods filed for voluntary petitions under Chapter 11 in order to implement its financial restructuring plan. Barclays Bank and Wells Fargo will provide the company with $155 million in DIP financing to support it through the restructuring.