The U.S. Bankruptcy Court issued an order on an interim basis, approving Unilife’s motion for interim and final orders authorizing Debtors to obtain post-petition secured super-priority D.I.P. financing; authorizing cash collateral; granting adequate protection and scheduling a final hearing.
As previously reported, “Lender ROS Acquisition Offshore is providing a commitment for 100% of the financing, which is a senior secured priming super-priority credit facility in a maximum principal amount of $7,500,000. The facility consists of the following: (i) a term loan interim commitment of $1 million; (ii) a term loan final commitment in a maximum principal amount of $6,500,000 in three advances to the borrower, with the first advance on the date that is three business days after entry of the final order and the second and third on or about June 1, 2017 and June 30, 2017. The interest rate is 10% per annum payable monthly in cash in arrears on each monthly anniversary of the petition date.” The Court scheduled a final hearing on May 4, 2017.
More on Unilife’s bankruptcy filing.
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