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Cosi Interim Financing Approved

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The U.S. Bankruptcy Court issued a further interim order authorizing Cosi to obtain post-petition financing. The Debtors have requested the D.I.P. Loan Agreement be approved on an interim basis in the interim amount of $4,530,000.

The order states, “The relief requested in the Motion is hereby granted and approved in its entirety on an interim basis. The Debtors are authorized to borrow from the DIP Lenders up to the Interim Amount, consistent with the Budget….A further hearing on the motion is scheduled for December 14, 2016.” As previously reported, “The Debtors require immediate access to working capital to fund and support ordinary business expenditures, including payroll and employee benefits, rent, utilities, and other overhead expenses. Absent immediate and uninterrupted access to adequate financing, the Debtors will not have sufficient liquidity to sustain any level of business activity. Immediate funding is required to continue ordinary course business operations and to preserve and maximize the value of the Debtors’ assets.”

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The post Cosi Interim Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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