United Road Towing granted final approval of $35.25 million DIP loan

By Caroline Salls

Pittsburgh, March 8 – United Road Towing, Inc. obtained final court approval to access $35.25 million of debtor-in-possession financing, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Wells Fargo Bank, NA is the administrative and collateral agent.

Interest will accrue at a rate of Libor plus 250 basis points.

The DIP facility will mature on the earliest of April 28, the closing of a sale of substantially all of the company’s assets and the effective date of any Chapter 11 plan.

United Road is a Mokena, Ill.-based towing, recovery, impound and vehicle management solutions company. The company filed bankruptcy on Feb. 6 under Chapter 11 case number 17-10249.

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