The U.S. Bankruptcy Court approved, on an interim basis, PFO Global’s motion (i) for interim and final orders (a) authorizing and approving secured post-petition financing, (b) granting security interests, super priority claims and adequate protection and (c) authorizing the Debtors’ use of cash collateral and (ii) scheduling a final hearing.
As previously reported, “Debtors respectfully request the Court set a hearing and at such hearing grant the following: i. authorizing, the Debtors to obtain (a) on an interim basis, up to $100,000.00 in post-petition financing (the ‘Interim DIP Facility’), and (b) on a final basis, up to a total aggregate amount of $420,000.00 in post-petition financing.” In addition, “The Debtors have an immediate need for a proposed DIP Facility…from the Pre-Petition Lenders, or their affiliates, in order to fund the Debtors’ business operations and administer and preserve the value of the Debtors’ estates. Of specific note, the Debtors’ payroll is next due on February 7, 2017.” The Court scheduled a February 27, 2017 hearing to consider final approval.
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