Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Protea Bankruptcy Financing Approval Sought

0
0

Protea Biosciences Group filed with the U.S. Bankruptcy Court a motion for entry of interim and final orders authorizing the Debtors to obtain post-petition financing; authorizing the Debtors to use cash collateral; granting liens and providing super-priority administrative expense status; granting adequate protection; modifying the automatic stay and scheduling a final hearing.

According to the motion, the Debtors request to obtain, “Senior secured postpetition financing up to an aggregate principal amount of $475,000 through a single draw term loan. In addition, upon the written request of the Debtors’ key employees during the term of the DIP Facility, Summit may, in its sole discretion, advance up to an additional $700,000 (the ‘Additional Advance’) (thereby making the aggregate amount of the DIP Facility $1,175,000) to fund operational use and capital expenditures in the Debtors’ diagnostic business.”

The financing will bear an interest rate of 15% per annum.

Read more Protea bankruptcy news.

The post Protea Bankruptcy Financing Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images