PetSmart Lenders Seek Edge After Citi Quits Loan Agent Role

PetSmart Inc. lenders are looking to gain an edge in their dispute over the handling of Chewy.com assets by leading the choice of the next administrative agent now that Citigroup Inc. has quit the role, according to people with knowledge of the matter. Citigroup had been acting as PetSmart’s term loan agent, which plays a role in the way negotiations take place when borrowers and creditors disagree. If the original agent quits, PetSmart’s credit agreement gives term-loan lenders the right to name the successor, who could be friendlier to their claims, according to the people.