Vewd gets interim access to $3 million of DIP loan; plan hearing set

By Sarah Lizee

Olympia, Wash., Dec. 20 – Vewd Software USA, LLC received interim approval to access $3 million of a proposed $20 million debtor-in-possession facility, according to an interim order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the DIP financing consists of $10 million of new money and a roll-up of $7.74 million of principal amount and interest under a pre-petition credit agreement, and $2.26 million of the total amount of accelerated debt under the credit agreement.

Wilmington Trust, NA is the administrative and collateral agent for the DIP facility.

The company also received interim court approval to access the cash collateral of its pre-petition lenders and Wilmington Trust as administrative and collateral agent.

Plan hearing

The court also scheduled the combined hearing on final approval of the disclosures statement and confirmation of the Chapter 11 plan for Jan. 31. The final hearing on the DIP financing is also scheduled for Jan. 31.

The New York-based company provides over-the-top (OTT) video streaming services. The company filed bankruptcy on Dec. 15 under Chapter 11 case number 21-12065.

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