CDK Creditors Sign Pact as Software Company Profits Squeezed

Creditors to CDK Global have signed a cooperation agreement that binds them together in the event that the software company seeks talks on a potential debt deal, according to people familiar with the situation.

The pact was executed by a majority group of creditors with various holdings, including term loan debt and notes, the people said, asking not to be identified because the matter is private. The agreement is open to all lenders, they said. The group is advised by law firm Gibson Dunn & Crutcher, Bloomberg previously reported.