FTD granted interim approval to access $47 million of DIP financing

By Caroline Salls

Pittsburgh, June 5 – FTD Cos., Inc. obtained court approval to access $47 million of a proposed $94.5 million in debtor-in-possession financing on an interim basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

FTD said this financing, combined with cash generated from ongoing operations, will be used to support the business during the court-supervised restructuring process.

Bank of America, NA is acting as administrative agent.

The DIP facility will mature in three months from the bankruptcy filing date.

Interest will accrue at the Base rate plus 600 basis points.

FTD is a floral wire service based in Downers Grove, Ill. The company filed bankruptcy on June 3 under Chapter 11 case number 19-11240.

© 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.