APC Automotive secures final court approval of $50 million DIP loan

By Caroline Salls

Pittsburgh, June 24 – APC Automotive Technologies, LLC received final court approval to access $50 million of debtor-in-possession financing from its term A lenders, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

APC said the DIP financing will allow it to continue to operate on an uninterrupted basis.

The DIP financing package also includes the roll up of $90 million in pre-bankruptcy ABL obligations.

The term loan will mature on the earliest of 120 days from the bankruptcy filing date, the closing of a sale of all or substantially all of the company’s assets, the accelerate of the loans and termination of the commitments upon occurrence of an event of default and the effective date of a Chapter 11 plan.

Interest on the term loan will accrue at 10%.

The DIP facility will roll into an exit term loan facility.

APC Automotive Technologies is a Goldsboro, Colo., supplier of automotive, light truck and heavy-duty undercar replacement parts. The company filed bankruptcy on June 3 under Chapter 11 case number 20-11466.

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