PRC asks for court OK to pay expense deposit required by exit financing lender

By Jennifer Lanning Drey

Portland, Ore., May 27 - PRC, LLC requested court approval to pay a $200,000 expense deposit and related costs to potential exit financing lender Steel City Capital Funding, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the filing, PRC must make the payment before May 29 in order for Steel City to issue a commitment for the exit financing, which is needed to fund the company's plan of reorganization.

The expense fee would be returned if the exit financing is not carried out under previously agreed upon terms.

PRC has requested that a hearing be held on May 29.

PRC, a Plantation, Fla., provider of customer relationship management services, filed for bankruptcy on Jan. 23. Its Chapter 11 case number is 08-10239.

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