Post-bankruptcy Chassix Holdings Inc. has $300 million of exit financing from PNC Bank and some previous secured bondholders, and a board of directors including some veterans of the local auto supply chain, Crain’s Detroit Business reported today. The Southfield, Mich.-based automotive supplier has secured a $150 million exit term loan from several of its previous bondholders plus an asset-based loan from PNC. The new capital is expected to repay previous debtor-in-possession financing that Chassix used to navigate bankruptcy, as well for exit plan payments and working capital. Chassix filed for Chapter 11 reorganization March 12 in New York. U.S. Bankruptcy Judge Michael Wiles confirmed the company’s reorganization plan to exit bankruptcy court July 9.
