HOUSTON, Dec. 20, 2019 /PRNewswire/ -- Veterinary Care, Inc., d/b/a VitalPet, recently in chapter 11 proceedings in the Southern District of Texas, announced today it has secured interim DIP financing in the amount of $5.5 million from VP Senior LLC, its pre-petition senior secured lender. The final DIP hearing will be held on January 23, 2020.
Chief Restructuring Officer Douglas J. Brickley, of The Claro Group, LLC, commented, "I am pleased with this important initial step in the bankruptcy process. We are in a position now to continue enabling our doctor network to provide the high quality of care for which VitalPet is known."
Brickley went on to state, "We now have a clear path forward; we will explore securing final DIP financing in the amount of up to $16.0 million while I continue to work with my advisors to develop a strategy for exiting chapter 11. The Debtors' intend to work with our stakeholders to develop a plan of reorganization for VitalPet that is likely to include a 363 auction feature. I contemplate that the 363 auction would include a reserve price in an amount to be determined, and if not met, the plan of reorganization would move forward."
Brickley continued, "I am grateful for the support of our doctors, customers and suppliers, as well as our stakeholders, as VitalPet moves forward to resolving its capital structure challenges."
VitalPet's counsel is Okin Adams in Houston, VitalPet's Financial Advisor is The Claro Group, LLC in Houston and its Investment Bank is Gordian Group in New York City. Parties interested in participating in VitalPet's financing and/or exit process should please contact Cole Gottlieb of Gordian Group (212-486-3600 or [email protected]).