The U.S. Bankruptcy Court issued an order, on an interim basis, approving Adeptus Health’s motion for interim and final orders authorizing Debtors to obtain post-petition financing; granting liens, security interests and superpriority status; authorizing use of cash collateral; affording adequate protection; scheduling a final hearing; and modifying automatic stay.
As previously reported, “The post-petition financing is an aggregate amount of up to $22 million on an interim basis, during the first 30 days of these cases, the Interim D.I.P. Facility Amount, and in a total aggregate principal amount of up to $45 million on a final basis, over the course of 13-week budget period, the Final D.I.P. Facility Amount….The loans under the DIP Agreement shall bear a rate of interest of ten percent (10%) per annum, compounded on the basis of a 365-day or 366-day year, as the case may be. The interest on the DIP Agreement shall increase to the rate of interest of 12% per annum upon the occurrence of an event of default under the DIP Agreement or any related documents and any default interest shall be payable in-kind (and compounded) upon demand with interest accruing on any such interest that is added to the principal amount of the loans.” The Court scheduled a final hearing on May 16, 2017.
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