Tuesday Morning Corporation – Stronger than Expected Revenues Lead to DIP Bidding War; With Debtors Slashing Borrowing Costs on (Now Approved) $25mn Supplemental DIP Facility
July 10, 2020 – The Court hearing the Tuesday Morning Corporation cases issued a final order authorizing the Debtors to access $25.0mn of debtor-in-possession (“DIP”) financing to be provided by Franchise Group, Inc. (“FGI”). This has been something of a wild ride, with the Debtors twice switching providers of this DIP financing; for a month…