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Elements Behavioral Health D.I.P. Financing Approved, Stalking Horse Credit Bid Capped

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The U.S. Bankruptcy Court issued a final order (i) authorizing Elements Behavioral Health to obtain secured postpetition financing and (ii) authorizing the use of cash collateral. The order states, “The DIP Loan and the DIP Loan Documents, including the Guarantors’ guaranties, are hereby approved as set forth in this Final Order and the Debtors are hereby authorized to borrow money pursuant to the DIP Loan Documents, the Approved Budget and this Final Order, up to an aggregate principal amount of $14,900,000, which shall be used for all purposes under the DIP Loan Documents, the First Interim Order, the Second Interim Order, this Final Order and the Approved Budget, including, without limitation, to pay the interest, fees, and expenses in accordance with this Final Order and to provide working capital for the Debtors….the Post-petition Advances shall accrue interest at the rate of 11% per annum (the ‘Applicable Rate), which shall accrue and shall be payable until the earlier of: (a) the occurrence of  Termination Event; or (b) the Maturity Date (which shall be deemed to be amended in the DIP Credit Agreement to be August 31, 2018)….Project Build Behavioral Health, has agreed to limit its credit bid at the auction for the Debtors assets to the $65,000,000 Purchase price under that certain Asset Purchase Agreement, dated as of June 4, 2018, plus any credit to which Project Build Behavioral Health is entitled of its Termination Fee under the Sale and Bidding Procedures Order.”

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The post Elements Behavioral Health D.I.P. Financing Approved, Stalking Horse Credit Bid Capped appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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