Wynit Distribution granted approval of $3.5 million interim DIP loan

By Caroline Salls

Pittsburgh, Sept. 14 – Wynit Distribution, LLC obtained court approval to access $3.5 million of a proposed $15 million of post-bankruptcy financing from some of its pre-bankruptcy first-lien lenders on an interim basis, according to an order filed with the U.S. Bankruptcy Court for the District of Minnesota.

The final hearing is scheduled for Sept. 27.

The lenders include agent Wells Fargo, Wells Fargo Capital Finance Corp. Canada, JPMorgan Chase Bank, NA, JPMorgan Chase Bank, NA (Toronto Branch), SunTrust Bank, Bank of the West, City National Bank and Webster Business Credit Corp.

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

The facility will mature on Dec. 7, 2017.

The company said the financing will be used to continue to preserve the value of its assets and to complete its asset sale.

Eden Prairie, Minn.-based Wynit distributes technology products. The company filed for bankruptcy on Sept. 8 under Chapter 11 case number 17-42726.

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