Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Suitable Technologies, Inc. > News item |
Suitable Technologies $1.06 million interim DIP loan approved
By Caroline Salls
Pittsburgh, March 3 – Suitable Technologies, Inc. received court approval to use $1.06 million of a proposed $5.96 million in debtor-in-possession financing from MagicHeart Investments, LLC on an interim basis, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for March 26.
The DIP financing includes $3.8 million in new-money loans.
The facility will mature on Aug. 4 and will accrue interest at a rate of 5%.
Suitable Technologies is a Palo Alto, Calif.-based internet services and infrastructure company. The company filed bankruptcy on Feb. 26 under Chapter 11 case number 20-10432.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.