Plastiq receives bankruptcy court approval of $7.1 million DIP loan

By Sarah Lizee

Olympia, Wash., June 23 – Plastiq, Inc. received approval of a $7.1 million debtor-in-possession facility provided by prepetition secured lenders, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Prepetition lender Blue Torch Finance, LLC is the DIP agent.

The facility bears interest at SOFR plus 1,200 basis points and is set to mature on Sept. 20, subject to earlier termination following certain events.

The company also received approval to use the cash collateral of its prepetition secured lenders.

San Francisco-based Plastiq provides a software platform for business-to-business payment automation. The company filed bankruptcy on May 24 under Chapter 11 case number 23-10671.

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