August 14, 2018 – The Court hearing the Aralez Pharmaceuticals case has authorized the Debtors request (i) to access interim debtor-in-possession (“DIP”) financing of up to $1 million to be provided by Deerfield Private Design Fund III and Deerfield Partners and (ii) to use cash collateral [Docket No. 32]. As previously reported [Docket No. 12], “The DIP Facility, totalling $5 million in the aggregate, will provide the necessary liquidity to fund, in combination with the use of Cash Collateral, the Debtors’ operating, working capital and capital expenditure needs during the course of these chapter 11 cases. The Debtors seek access up to $1 million of the DIP Facility on an interim basis. Based on their projections, the Debtors do not believe they will need to immediately use the $1 million interim basis amount but in an abundance of caution and to account for the uncertainty of cash collections and disbursements that often follow a chapter 11 filing are requesting this Court’s approval for the interim amount.”
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