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Dextera Bankruptcy D.I.P. Financing Approval Sought

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Dextera Surgical filed with the U.S. Bankruptcy Court a motion to approve post-petition D.I.P. financing, granting liens and super-priority claims to the post-petition lender. The lender is Aesculap or its designee.

The financing motion explains, “The DIP Loan Facility shall consist of a senior secured superpriority multi-draw term loan credit facility of up to $1,500,000….Subject to the Carve Out, the DIP Agent will be granted valid, enforceable, non-avoidable, and fully perfected security interests in and liens (collectively, the ‘DIP Liens’) upon all Collateral…which lien is limited in amount to the lesser of (i) diminution in value of CMI’s collateral as of the Petition Date, if any, and (ii) the amounts owed to CMI pursuant to that certain Secured Note Purchase Agreement dated September 2, 2011 in the maximum aggregate amount of Four Million Dollars ($4,000,000) (collectively, the ‘Permitted Senior Liens’), and (b) a next available priority lien on all Collateral that was subject to a Permitted Senior Lien on the Petition Date. The interest rate is 9.25% (annualized) (the ‘Contract Rate’), and default interest is Contract Rate + 5% (annualized).”

Read more Dextera bankruptcy news.

The post Dextera Bankruptcy D.I.P. Financing Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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