Auto Parts Co. Says Summit Exclusivity Deal Has Expired

Law360 (April 6, 2018, 7:19 PM EDT) -- Automotive parts supplier Gill Holding Co. Inc. urged a Michigan federal judge on Thursday to let it move forward with a $90 million refinancing deal, saying it doesn't owe the credit arm of Summit Partners any money under an exclusivity agreement that Gill claims expired before it clinched an alternate source of funding.

Gill said in a motion for judgment on the pleadings that the exclusivity deal it reached with Summit Partners Credit Advisors LP last fall while attempting to negotiate financing for the auto parts supplier's operations had expired by the time Gill secured an alternate lender, and it added...

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