Global Motorsport $2.5 million interim DIP facility approved

By Caroline Salls

Pittsburgh, Feb. 1 - Global Motorsport Group, Inc. obtained interim access to $2.5 million of its $3.5 million in debtor-in-possession financing from Ableco Finance LLC, as agent for lender Styx Partners LP, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final DIP hearing is scheduled for Feb. 19.

The DIP facility will mature on March 13.

Interest will accrue at the Reference Bank rate plus 100 basis points.

Global Motorsport, a Morgan Hill, Calif.-based wholesale distributor of aftermarket motorcycle parts and accessories, filed for bankruptcy on Jan. 31. Its Chapter 11 case number is 08-10192.

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