HyLife unit gets final approval of DIP financing, bid procedures

By Sarah Lizee

Olympia, Wash., May 19 – HyLife Foods subsidiary Tritek International Inc. received final approval of a $16 million junior post-petition facility from its ultimate equity investors CPF Canada Holdings Corp. and Itochu Corp., as well as approval of the bid procedures for its assets, according to orders filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP financing will not bear interest and will not carry closing or commitment fees.

The company also received approval to access the cash collateral of prepetition secured lenders.

The debtors’ prepetition capital structure includes a $108.7 million secured credit agreement with Compeer Financial as agent.

Bid procedures

Under the bid procedures, the company had until the end of Friday to choose a stalking horse bidder.

The bid deadline is 4 p.m. ET on May 25.

The auction is scheduled for May 26, and a sale hearing will take place on June 2.

The company hopes to close the sale by June 3.

HyLife Foods a pork processor based in La Broquerie, Man. U.S.-based subsidiary Tritek filed Chapter 11 bankruptcy on April 27 under case number 23-10520.

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