Automotores Gildemeister gets final OK of $26.5 million DIP facility

By Sarah Lizee

Olympia, Wash., May 11 – Automotores Gildemeister SpA received final court approval to access a $26.5 million superpriority senior secured debtor-in-possession delayed-draw term loan facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Acquiom Agency Services LLC is the administrative agent, and TMF Group New York, LLC is the collateral agent, as previously reported.

Interest is 11¾% and will be paid in kind. The default rate would be 2% above the non-default rate.

The facility will mature on the earliest of 65 days after the closing date, conversion or dismissal of the cases, appointment of an examiner, the date a sale of substantially all the debtors’ assets closes, the effective date of a plan, and, if a final order hasn’t been entered into by then, 35 days after the petition date.

The company also received final court approval to use cash collateral of its pre-petition secured parties.

Absent immediate access to the DIP facility and cash collateral, the debtors would be unable to operate their business and their ability to successfully reorganize would be jeopardized, the company said in its motion.

Automotores Gildemeister is a Santiago, Chile-based vehicle importer and distributor primarily in Chile and Peru. The company filed bankruptcy on April 12 under Chapter 11 case number 21-10685.

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