Monday, July 6, 2015

Tasty Baking wins reprieve, new debt financing

The financially ailing snack-food maker got $6.5 million in financing, while existing lenders agreed to waive payments until the end of June.

Tasty Baking wins reprieve, new debt financing

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Those Tastykakes will keep popping out of the ovens in South Philadelphia through the end of June.

Friday afternoon, Tasty Baking Co. said its lenders agreed to defer all payments while the snack-food maker pursues "consummating the sale or merger" of the company or refinances what it owes.

In addition, Tasty Baking obtained a $2 million loan from the city, $1 million from the state of Pennsylvania and $3.5 million from a group of unidentified investors.

Here's a link to the press release.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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