Transtar granted interim approval to use $30 million of DIP financing

By Caroline Salls

Pittsburgh, Nov. 23 – Transtar Holding Co. obtained interim approval to use $30 million of a proposed $69.7 million in debtor-in-possession financing, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for Dec. 20.

Silver Point Finance, LLC is the administrative agent.

The facility will mature on the earliest of the plan effective date, four months after the bankruptcy filing date and termination of the commitments and acceleration of the loan obligations.

Interest will accrue at Libor plus 700 basis points.

Transtar, a Cleveland-based distributor of automotive aftermarket driveline services, filed bankruptcy on Nov. 20. The Chapter 11 case number is 16-13245.

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