Schutt Sports gains interim access to $34 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 8 - Schutt Sports, Inc. has been granted interim access to its $34 million debtor-in-possession financing from Bank of America, NA, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Sept. 22.

The facility will mature on the earliest of Dec. 31, payment in full in cash of the company's secured debt, the effective date of a plan of reorganization, upon completion of a sale of the company's assets, upon approval of a sale or plan not approved by the lenders and upon conversion or dismissal of the bankruptcy case.

Interest will be Base rate plus 425 basis points.

Schutt, a Litchfield, Ill.-based sports equipment manufacturer, filed for bankruptcy on Sept. 6. The Chapter 11 case number is 10-12795.

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