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Protea Biosciences D.I.P. Financing Approved

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The U.S. Bankruptcy Court granted final approval to Protea Biosciences Group’s post-petition financing motion.

The D.I.P. loan includes the following terms: “An initial term loan in the principal amount of $954,352.00, available in one draw of $475,000 upon entry of the Interim Order approving the DIP Loan and $479,352 available in two additional draws, the first on January 3, 2018 in the amount of $279,352 and the second in the amount of $200,0002 upon entry of an order approving the sale of substantially all assets of the Debtors (the ‘DIP Loan’) that will mature on the Maturity Date.”

In addition, “Notwithstanding the foregoing, upon the written request of the Debtors’ key employees during the term of the Agreement, Summit may, in its sole discretion, advance up to an additional $420,648 (the ‘Additional Advance’) (thereby making the aggregate amount of the DIP Loan $1,375,000) to fund operational use and capital expenditures in the Debtors’ diagnostic business.”

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