Bankruptcy court approves financing for Merisant
February 18, 2009
by Jeff Gelski
CHICAGO — The U.S. Bankruptcy Court for the District of Delaware on Feb. 13 granted final approval for Merisant Worldwide Inc.’s $20 million debtor-in-possession (DIP) financing. Wayzata Investment Partners, the majority holder of Merisant’s 9.5% senior subordinated notes, will provide the financing.
"It provides liquidity while the company restructures its debt and enables us to maintain normal operations," said Paul Block, chairman and chief executive officer of Chicago-based Merisant. "Additionally, it supplies the capital necessary to support our brands and launch PureVia, our exciting all-natural, zero-calorie sweetener."
Merisant Worldwide on Nov. 30, 2008, had assets of about $331.1 million and total debts of about $560.7 million. Merisant filed for Chapter 11 protection on Jan. 9. The court granted interim approval of the DIP financing on Jan. 14. Merisant Worldwide drew $4 million after the court’s interim approval of the DIP financing. Another $16 million is now available after the court’s final approval.