Education technology provider Anthology has secured final approval for DIP financing after agreeing to include excluded minority lender Vector Capital in the DIP term loan and roll-up on a pro rata basis following in the footsteps of ConvergeOne.

The recent reversal of the confirmation order in ConvergeOne combined with other recent precedents are giving excluded minority groups ammunition to demand participation in exclusive DIP and roll-up opportunities when they are not initially invited. Debtors and DIP financing proponents weighing the risks and costs of prosecuting exclusive backstops and roll-ups seem to be leaning towards consensual resolutions rather than risking confirmation fights and appeals.