Beleaguered imaging equipment financier DVI has arranged for $20 million in debtor-in-possession financing. The Jamison, PA-based firm said it has received interim approval from the U.S. Bankruptcy Court for the District of Delaware to access the DIP facility, which is being provided by Abelco Finance.
DVI also said that it has received permission to continue to use cash collateral for four weeks, and that the bankruptcy court has approved a forbearance agreement allowing the company to continue to service certain loans.
DVI has also filed motions that cover, among other things, the bid procedures to be implemented in the sale of DVI’s assets. An expedited court hearing is scheduled for September 10, DVI said.
By AuntMinnie.com staff writersSeptember 9, 2003
Related Reading
DVI files for Chapter 11 relief, names new CEO, August 26, 2003
DVI to file for bankruptcy, August 14, 2003
DVI misses interest payment, August 4, 2003
DVI default notice rescinded, firm hires new auditor, July 18, 2003
DVI gets default notice, July 16, 2003
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