Valence Technology Secures $10 Million DIP Credit Facility
Valence Technology announced that it has secured a debtor-in-possession (DIP) credit facility of up to $10 million from GemCap Lending I.
The DIP credit facility has been approved by the U.S. Bankruptcy Court for the Western District of Texas and will be used to augment the company’s liquidity and working capital. With this credit facility in place, the company expects that it will be able to continue to provide its goods and services to its customers without impediment.
Valence expects to complete its U.S.-based restructuring before the end of 2012. The company and its Board of Directors are being advised by Streusand, Landon & Ozburn.