Stant granted interim access to $7.5 million of DIP financing

By Caroline Salls

Pittsburgh, July 29 - Stant Corp. obtained interim access to $7.5 million of its $11 million debtor-in-possession facility form GMAC Commercial Finance LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Aug. 17.

The DIP financing will mature on the earliest of Sept. 30, the closing of a sale of substantially all of the company's assets and 10 days after court approval of the asset sale.

Interest will be Libor plus 575 basis points, with a 2.75% Libor floor.

Stant, a Connersville, Ind.-based automotive fuel system and gas cap manufacturer, filed for bankruptcy on July 27. Its Chapter 11 case number is 09-12647.

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