HyLife unit receives interim access to $8 million of DIP financing

By Sarah Lizee

Olympia, Wash., May 1 – HyLife Foods subsidiary Tritek International Inc. received interim access to $8 million of a proposed $16 million junior post-petition facility from its ultimate equity investors, CPF Canada Holdings Corp. and Itochu Corp., according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP financing will not bear interest and will not carry closing or commitment fees.

The company also received interim approval to access the cash collateral of prepetition secured lenders.

The debtors’ prepetition capital structure includes a $108.7 million secured credit agreement with Compeer Financial as agent.

A final hearing on the DIP financing is scheduled for May 19.

HyLife Foods a pork processor based in La Broquerie, Man. U.S.-based subsidiary Tritek filed Chapter 11 bankruptcy on April 27 under case number 23-10520.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.