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Allen Systems Group Interim Financing Approved

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According to the U.S. Bankruptcy Court docket, the Court approved, on an interim basis, Allen Systems Group’s motion for an order (a) approving post-petition financing, (b) granting first-priority senior liens and providing super-priority administrative expense status, (c) authorizing the use of cash collateral, (d) granting adequate protection to pre-petition secured creditors, (e) modifying the automatic stay, (f) granting related relief and g) scheduling a final hearing.

The total credit facility consists of a $40 million revolving line of credit, with $22.5 million available on an interim basis. Learn more about Allen Systems Group’s bankruptcy bonds.