Fedders Corp. announced it received final Court approval of debtor-in-possession (DIP) financing from Goldman Sachs Credit Partners L.P., subject to certain conditions and limitations.Under the terms of the financing agreement, Goldman Sachs Credit Partners will provide a US$33 million senior secured revolving facility. This facility is in addition to the existing $46.4 million term loan from Goldman Sachs, which will remain in place.
"We are pleased to report the Court granted final approval of the financing agreement," Michael Giordano, Fedders' President and CEO, said. "The financing will provide the company with sufficient liquidity as we move forward in the reorganization process."
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