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COPSync Bankruptcy Financing Approved

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The U.S. Bankruptcy Court issued a final order authorizing and approving COPSync’s senior secured super-priority post-petition financing; (ii) granting liens and super-priority administrative expense status and (iii) modifying the automatic stay.

The order states, “Debtor is authorized to enter into a new money revolving loan under a secured superpriority priming senior credit facility (the ‘DIP Revolving Facility’) pursuant to the terms of the DIP Loan Financing Agreement, Exhibit A (the ‘DIP Credit Agreement’) with Kologik Financing Partners, the ‘DIP Lender’) in the amount of up to $300,000 upon entry of this Order (together the ‘Revolving Loan Commitment’), to finance working capital, professional fees and for other corporate purposes of the Debtor.”

Read more COPSync bankruptcy news.