Performance Transportation receives interim approval for $60 million DIP facility

New York, Jan. 26 - Performance Transportation Services, Inc. said it received interim approval to access its $60 million debtor-in-possession financing facility from the U.S. Bankruptcy Court for the Western District of New York.

The new credit line provides an additional $10 million of liquidity.

In addition, the company received interim approval to use its cash collateral through the duration of the chapter 11 case. The DIP financing and cash generated from daily operations will be used to continue to pay vendors, employees and other general corporate expenses.

PTS is a Detroit-based transporter of new automobiles, sport utility vehicles and light trucks. It filed for Chapter 11 on Wednesday. Its case number is 06-00109.

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