Aceto gets final court approval to access $60 million DIP facility

By Caroline Salls

Pittsburgh, March 15 – Aceto Corp. obtained final court approval to access $60 million of debtor-in-possession financing from a syndicate of lenders led by Wells Fargo Bank, NA, according to an order filed Friday with the U.S. Bankruptcy Court for the District of New Jersey.

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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