Maurice Sporting Goods wins interim access to $13.4 million of loan

By Caroline Salls

Pittsburgh, Nov. 21 – Maurice Sporting Goods, Inc. obtained court approval to access $13.4 million of a proposed $17.48 million of debtor-in-possession financing on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 5.

The DIP financing is being provided by Maurice’s bank group, led by Bank of Montreal.

Interest on the DIP loan will accrue at a rate of 6%.

The company said the DIP financing will be used to maintain uninterrupted service and delivery of products to Maurice customers during the completion of the sale transaction and to ensure payment to vendors for post-bankruptcy purchases in the ordinary course.

Under the interim order, the financing will mature on Dec. 22.

Maurice is a Northbrook, Ill.-based distributor of outdoor sporting goods. The company filed bankruptcy on Nov. 20 under Chapter 11 case number 17-12481.

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