DMX receives final approval for DIP facility

By Ellen Chang

Houston, March 15 - DMX Music, Inc. received final approval for its debtor-in-possession revolving financing facility from the U.S. Bankruptcy Court for the District of Delaware.

The company now has access to the full $10 million, according to a filing Monday.

RBC as agent and other pre-petition lenders - excluding Liberty Digital - will be banks for the DIP.

Interest is at Prime plus 225 basis points.

The DIP facility has an agency fee of $200,000 and a commitment fee of $500,000.

The DIP terminates on June 30 or earlier if the Chapter 11 reorganization is completed or all the company's assets sold.

DMX's case is under parent company Maxide Acquisition, Inc. and the number is 05-10429. It filed for Chapter 11 on Feb. 14.

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