CDK creditors agree on debt deal cooperation pact

Creditors of the automotive software company CDK Global have entered into a cooperation agreement, uniting them for potential debt restructuring discussions. This pact, signed by a majority of lenders holding various debt instruments including term loans and notes, ensures a coordinated approach should CDK pursue a debt deal. The agreement remains open for all lenders to join. Gibson Dunn & Crutcher is reportedly advising the creditor group. This development comes as the company faces squeezed profits, indicating potential financial pressures that necessitate such creditor alignment.