The U.S. Bankruptcy Court granted final approval to Quadrant 4 Systems’ post-petition financing motion.
As previously reported, “This Motion seeks authority for the Debtor to obtain new financing on a revolving basis that will have a maximum borrowing limit of $900,000, will bear interest at the ‘Base Rate’ plus 5.5%, and will be secured by liens on substantially all assets of the Debtor, which liens will be senior to the pre-existing secured debt of the Debtor.”
In addition, “The Debtor requests the entry of an interim order…approving the agreement of the Lender to advance post-petition funds, on a revolving basis, to the Debtor in the aggregate amount outstanding at any one time of up to $2.5 million.”
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