Tru Grit Fitness gets approval of $1 million DIP facility via EFP

By Sarah Lizee

Olympia, Wash., March 10 – Tru Grit Fitness LLC secured court approval of a $1 million debtor-in-possession facility via its only prepetition lender, EFP Funding Solutions, LLC, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Nevada.

Interest is 10%. There is no loan fee.

The facility is set to mature in three months, subject to earlier termination following some events.

The DIP lender will be granted an administrative expense claim for any funds advanced to Tru Grit.

Tru Grit said it has an immediate need for financing to pay post-petition obligations and ensure continued operations until its proposed plan of reorganization can be confirmed and becomes effective.

Tru Grit is a Las Vegas-based professional fitness equipment company. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 22-14320.

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