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AiBUY seeks approval of $6.8 million DIP term loan facility
By Sarah Lizee
Olympia, Wash., Nov. 3 – AiBUY Holdco, Inc. is seeking approval of a $6.8 million debtor-in-possession multi-draw term loan facility with Stinv – Stocks Investment Ltd. as lender, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Texas.
The amount includes a $400,000 advance provided by the lender after some creditors had filed an involuntary Chapter 11 petition for the company on Sept. 23.
The company is seeking $2.8 million on an interim basis, including the $400,000 advance and $2.4 million in new advances.
Interest is the closing date Prime rate plus 1% (i.e., 7.25%).
Default interest would be an additional 5%.
There is a $68,000 closing fee.
The facility is set to mature on March 1.
The Dallas-based digital marketing company made its voluntary Chapter 11 filing on Nov. 1 under case number 22-31737.
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