Eye Care Leaders gets final approval of $8 million DIP facility

By Sarah Lizee

Olympia, Wash., March 12 – Eye Care Leaders Portfolio Holdings, LLC received final approval of a replacement $8 million debtor-in-possession facility with Colorado Bankers Life Insurance, according to an order filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.

Eye Care Leaders said that although the total commitment under the new facility will be the same as the prior facility with Create Capital, the economics are now more favorable to the debtors.

The new financing carries a 10% non-default interest rate rather than 15%, and a 12% default interest rate rather than 17%.

There are also no origination, commitment, closing or other fees, other than paying the out-of-pocket fees, costs disbursements and expenses of the replacement DIP lender.

The financing also provides for more flexibility on the case milestones, the company said.

Eye Care Leaders is a Durham, N.C.-based practice management software provider for eye doctors. The company filed bankruptcy on Jan. 16 under Chapter 11 case number 24-80001.

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