Aceto granted interim approval to access $15 million of financing

By Caroline Salls

Pittsburgh, Feb. 22 – Aceto Corp. obtained court approval to use $15 million of a proposed $60 million of debtor-in-possession financing from a syndicate of lenders led by Wells Fargo Bank, NA on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

The final hearing is scheduled for March 15.

The DIP financing will finance Aceto’s working capital needs through the completion of the sales transactions and support payments to vendors and suppliers for post-bankruptcy purchases in the ordinary course.

The financing will mature on June 7.

Interest will accrue at the alternate Base rate plus 600 basis points or Libor plus 700 bps.

Aceto is a Port Washington, N.Y.-based developer, marketer, seller and distributor of human health products, pharmaceutical ingredients and performance chemicals. The company filed bankruptcy on Feb. 19 under Chapter 11 case number 19-13448.

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