Daily News: December 6, 2017

Summit Resources Provides $475K DIP for Protea Biosciences

Protea Biosciences Group filed a motion for entry of interim and final orders authorizing the debtors to obtain post-petition financing with the U.S. Bankruptcy Court of West Virginia.

According to the motion, the debtors requested to obtain senior secured post-petition financing up to an aggregate principal amount of $475,000 through a single draw term loan. Court documents state that Summit Resources agreed to provide the DIP financing.

Upon the written request of the debtors’ key employees during the term of the DIP facility, Summit may, in its sole discretion, advance up to an additional $700,000 (making the aggregate amount of the DIP facility $1.175 million) to fund operational use and capital expenditures in the debtors’ diagnostic business. The financing will bear an interest rate of 15% per year.