PGHC Holdings secures interim access to $2 million of DIP financing

By Caroline Salls

Pittsburgh, Nov. 6 – PGHC Holdings, Inc. received interim court approval to access $2 million of a proposed $13.8 million in debtor-in-possession financing from Wynnchurch, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Nov. 28.

As previously reported, the financing will provide additional liquidity during the company’s sale process.

Interest on the DIP facility will accrue at the Prime rate plus 300 basis points.

The financing will mature on March 3.

Dedham, Mass.-based PGHC operates Papa Gino’s and D’Angelo Grilled Sandwiches restaurants in New England. The company filed bankruptcy on Nov. 5 under Chapter 11 case number 18-12537.

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