Ingenu requests court approval to obtain $400,000 in DIP financing

By Caroline Salls

Pittsburgh, July 29 – Ingenu Inc. requested court approval to obtain $400,000 in debtor-in-possession financing, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of California.

NDJR Grid Partners II, LLC is the DIP financing lender.

The DIP loan will mature on the earliest of Nov. 1, the effective date of a Chapter 11 plan, dismissal or conversion of the Chapter 11 case and termination of the commitment period.

Interest will accrue at the prime rate plus 600 basis points.

Proceeds will be used for working capital purposes, as well as to pay fees and expenses related to the transaction and administration of the Chapter 11 cases.

A total of $15,000 of the financing will be available on an interim basis.

The interim hearing is scheduled for July 30.

San Diego-based Ingenu develops a wireless machine network that enables long-range connectivity for Internet of Things. The company filed bankruptcy on July 27 under Chapter 11 case number 20-03779.

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