The U.S. Bankruptcy Court amended the terms of a $165 million line of credit for Dayton Superior Corp., the company said.
The court in Wilmington, Del., approved an amendment to Dayton Superior’s bankruptcy borrowing authorization of up to $165 million to continue operations. Dayton, a concrete supplier with a large rental operation, filed for Chapter 11 bankruptcy protection April 19. The amendment reduces the company’s interest rate for borrowing and provides the company additional time to reach key milestones in the Chapter 11 process.
Also, lenders under the company’s term loan credit facility have withdrawn objections to the DIP credit facility and have reached an understanding in principle with GE Capital on a plan for the company’s emergence from Chapter 11.
“This amendment to our DIP credit facility and the bondholders’ withdrawal of their objections are critical steps towards smoothly and quickly exiting from chapter 11,” said Dayton Superior’s president and CEO Rick Zimmerman. “We are encouraged that the parties have resolved their material differences and look forward to efficiently finalizing our capital restructuring process.”
Based in Dayton, Ohio, Dayton Superior is No. 33 on the RER 100.