Walking secures final approval to access $57.25 million of financing

By Caroline Salls

Pittsburgh, April 6 – Walking Co. Holdings, Inc. obtained final court approval to access $57.25 million in debtor-in-possession financing from Wells Fargo Bank, NA, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The DIP financing consists of a $50 million revolving facility and a $7.25 million term loan.

The DIP facility will mature on the earliest of Oct. 2, 2018, the effective date of a confirmed plan of reorganization and the closing of a sale of all or substantially all of the company’s working capital assets.

Interest on the term loan will accrue at a rate of Libor plus 1,050 basis points and interest on the revolver will accrue at Libor plus 450 bps.

Walking is a Santa Barbara, Calif.-based comfort footwear retailer. The company filed bankruptcy on March 6 under Chapter 11 case number 18-10474.

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