Automotores Gildemeister eyes $26.5 million DIP term loan facility

By Sarah Lizee

Olympia, Wash., April 14 – Automotores Gildemeister SpA is seeking court approval of a $26.5 million superpriority senior secured debtor-in-possession delayed-draw term loan facility, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company is seeking interim access to $16.95 million of the loan.

Acquiom Agency Services LLC is the administrative agent, and TMF Group New York, LLC is the collateral agent.

Interest is 11¾% and will be paid in kind. The default rate would be 2% above the non-default rate.

The facility will mature on the earliest of 65 days after the closing date, conversion or dismissal of the cases, appointment of an examiner, the date a sale of substantially all the debtors’ assets closes, the effective date of a plan, and, if a final order hasn’t been entered into by then, 35 days after the petition date.

The company is also seeking court approval to use cash collateral of its pre-petition secured parties.

Absent immediate access to the DIP facility and cash collateral, the debtors would be unable to operate their business and their ability to successfully reorganize would be jeopardized, the company said.

Automotores Gildemeister is a Santiago, Chile-based vehicle importer and distributor primarily in Chile and Peru. The company filed bankruptcy on April 12 under Chapter 11 case number 21-10685.

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