GlassRatner Secures $7M DIP Credit Facility for Canadian Food Manufacturer
GlassRatner advised a Canadian food m
anufacturer (The Company) in securing a debtor-in-possession (DIP) credit facility amid its CCAA restructuring.
The Company supplies entrees, salads, sides, and meal kits to grocery chains and food service clients across Canada through a combination of private-label and branded offerings.
Several years of rapidly rising input costs, combined with long-term, inflexible supply contracts, put sustained pressure on the business, leading The Company to file for CCAA protection and pursue an organized, court-supervised restructuring.
The facility will be providing the working capital needed to support the continued operations while The Company completes a formal, court-supervised sale process.
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