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Orion Healthcorp Final Financing Approved

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The U.S. Bankruptcy Court issued a final order approving Orion Healthcorp’s motion to obtain post-petition financing and credit, under Section 364(b) Rule 4001(c) or (d).

As previously reported, “By this Motion, the Debtors are seeking, inter alia: (a) authorization for the Debtors to obtain senior secured postpetition financing consisting of a revolving credit facility in a principal amount of up to $7,500,000 (the ‘DIP Facility’) in accordance with the DIP Credit Agreement among (i) Orion Healthcorp, as borrower; (ii) the other Debtors, as guarantors thereto; (iii) New York Network Management, Network Management Insurance Brokerage Services, New York Network IPA, (IPA 1), New York Premier IPA (IPA 2), Brooklyn Medical Systems IPA (IPA 3), Brooklyn Medical Systems IPA (IPA 4), and Brooklyn Medical Systems IPA 5 (IPA 5), collectively, NYNM; (iv) Bank of America as administrative agent (the ‘D.I.P. Agent’), and (v) the lenders from time to time party thereto, the ‘DIP Lenders’ and collectively with the DIP Agent and providers of hedge products and treasury management services secured by the DIP Collateral, the ‘DIP Secured Parties’; (b) authorization for the Debtors to obtain from the DIP Lenders, during the interim period pending the Final Hearing, up to $4,500,000 (the ‘Interim Amount’) in accordance with the DIP Credit Agreement and the Interim Order…authorization for the Debtors to obtain from the DIP Lenders upon entry of the Final Order total advances in an amount not to exceed a maximum outstanding principal amount of $7,500,000 (the ‘Total Commitment’) in accordance with the DIP Credit Agreement, the DIP Documents, and the Final Order, which Total Commitment includes the amount necessary to repay the Bridge Loan Obligations.”

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The post Orion Healthcorp Final Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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