Blank Rome Advises on RadioShack Rescue Financing and Subsequent Bankruptcy Financing and Restructuring
RadioShack Corporation $585,000,000 Refinancing $285,000,000 DIP Financing Lenders’ Counsel
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Blank Rome is advising a group of multi-strategy funds constituting the "first out" lenders under a $285 million superpriority debtor-in-possession credit facility for RadioShack Corporation and its affiliates in the RadioShack chapter 11 cases. The DIP facility consists of (a) a dollar-for-dollar roll-up of approximately $250 million of prepetition obligations previously funded in connection with a rescue financing for RadioShack in October 2014, (b) up to $20 million in new money revolving loans, and (c) additional letter of credit obligations of up to $15 million. The DIP facility provided RadioShack with liquidity permitting the sale of a majority of RadioShack's assets to an affiliate of Standard General, which, through an alliance with Sprint, intends to keep open more than 1,700 stores.
Lawrence F. Flick II +1.212.885.5556 Flick@BlankRome.com |
James E. Odell +1.212.885.5539 JOdell@BlankRome.com |