A Philadelphia icon is safe for now thanks to some new financing.
A new loan package totaling $6.5 million has been put together to help Tastykake through it’s current financial trouble.
The lending to the South Philadelphia baker breaks down this way: $2 million from the Philadelphia Industrial Development Corporation, $1 million from the state of Pennsylvania and$3.5 million from a group of accredited investors.
The deal also includes an agreement with the company’s banks to defer until June 30th principal payments on existing loans.
The agreement requires Tasty to pursue a sale or merger by the end of June.
Tasty Baking head Charlie Pizzi says the company is working towards the best outcome possible for its investors and customers.