The U.S. Bankruptcy Court approved, on a final basis, Multimedia Platforms’ emergency motion for authority to obtain post-petition financing.
As previously reported, “Following hearings conducted by the Court on October 14, 2016, the Court denied the Debtors’ request for authority to use cash collateral. The Debtors believe it is absolutely critical that they recommence operations and begin publishing and circulating content material.”
In addition, “The Debtors have been in negotiations pertaining to debtor-in-possession financing and have obtained a financing commitment from Vivid Media…pursuant to which Vivid Media shall establish a non-revolving credit line in the amount of $250,000 (the ‘Credit Facility’).The loan’s term is six months, unless sooner terminated, and the non-default interest rates is 9%. The default interest rate is 11.5%.”
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