TPI Composites, together with its domestic subsidiaries, has received approval from the US Bankruptcy Court for the Southern District of Texas for all first-day motions filed in its voluntary Chapter 11 proceedings.
The approvals allow the company to maintain operations and liquidity during the process. Key motions granted include interim approval for debtor-in-possession financing of up to US$ 82.5 million from senior secured lenders, continuation of employee wages and benefits, maintenance of cash management systems, and authority to pay certain prepetition obligations essential to ongoing operations.
With these approvals, the company can continue business activities while advancing its restructuring plans.
