Hygea Holdings wins final court approval of $9.85 million DIP facility

By Caroline Salls

Pittsburgh, April 17 – Hygea Holdings Corp. received final court approval to access $9.85 million in debtor-in-possession financing from Bridging Income Fund LP and Bridging Finance Inc., according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The financing will be used to support the administrative and operational expenses of the Hygea Chapter 11 cases.

The facility will mature on the earliest of June 15, the effective date of a Chapter 11 plan, closing of a sale of all or substantially all of the debtors’ assets and acceleration of the DIP loan following occurrence of an event of default.

Interest will accrue at a rate of Libor plus 800 basis points.

Hygea is a Miami-based company focused on the delivery of primary care-based health care to commercial, Medicare and Medicaid patients. The company filed bankruptcy on Feb. 19 under Chapter 11 case number 20-10361.

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