Court grants At Home access to up to $600 million
WILMINGTON, Del. — On July 18, the U.S. Bankruptcy Court for the District of Delaware approved debtor-in-possession funding access for Top 100 retailer At Home Group.
The order, signed by Judge J. Kate Stickles, grants the Coppell, Texas-based home décor specialist access to up to $600 million to help keep business going during At Home‘s Chapter 11 proceedings.
The court authorized up to $200 million in Tranche A DIP loans, which is new money in delayed-draw term loans. Upon the closing date, $75 million was available immediately. The remaining $125 million becomes available upon entry of the final order (which was this order) and completion of the loan’s syndication, as multiple lenders are participating in funding the loan.
See also:
- Possible ownership change part of At Home’s restructuring strategy
- At Home Group lists Top 30 unsecured creditors
In addition to the Tranche A loans, At Home has access to up to $400 million in Tranche B DIP loans, used to roll up certain prepetition first lien obligations.
At Home filed for bankruptcy on June 16 and listed $1,000,000,001 to $10 billion in estimated assets versus $1,000,000,001 to $10 billion in estimated liabilities to an estimated 10,001 to 25,000 creditors.
On July 15, it removed two stores — Princeton, N.J. and Wauwatosa, Wis. — from its initial list of 26 store closures, returning them to regular business operations.
