The U.S. Bankruptcy Court for the District of Delaware has approved debtor-in-possession (DIP) financing for At Home Group, allowing the home décor retailer access to up to $600 million during its Chapter 11 proceedings. The order, signed on July 18 by Judge J. Kate Stickles, enables the Coppell, Texas-based company to maintain operations while restructuring its finances.
© AtHome
The funding is divided into two tranches: up to $200 million in Tranche A delayed-draw term loans, with $75 million immediately available and the remainder released upon syndication completion; and up to $400 million in Tranche B loans to roll up certain prepetition first-lien obligations.
At Home filed for bankruptcy on June 16, listing estimated assets and liabilities between $1 billion and $10 billion and naming 10,001 to 25,000 creditors. Recently, the company removed two stores from its closure list, signalling an effort to stabilise operations amid the restructuring.
This financial backing aims to support At Home as it navigates Chapter 11, seeking to reorganise its business and address outstanding debts while continuing to serve customers.
Source: www.furnituretoday.com
