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Advantage Holdco requests approval of $34.7 million in DIP financing
By Caroline Salls
Pittsburgh, May 28 – Advantage Holdco, Inc. requested court approval to obtain $34.7 million in debtor-in-possession financing, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
The financing includes up to $4.5 million in new-money commitments, $21.2 million in re-issued letters of credit and a $9 million roll-up of pre-bankruptcy debt.
2449276 Ontario Inc. is the DIP lender.
The financing will mature on Aug. 14.
Interest will accrue at Libor plus 800 basis points.
Advantage Holdco is an Orlando, Fla.-based rental car company. The company filed bankruptcy on May 26 under Chapter 11 case number 20-11259.
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