The U.S. Bankruptcy Court approved, on an interim basis, Protea Biosciences Group’s post-petition financing motion.
As previously reported, “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.”
The Court scheduled a December 28, 2017 hearing to consider final approval.
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