Prime Trust seeks OK of $10 million DIP loan via Polaris Ventures

By Sarah Lizee

Olympia, Wash., Dec. 6 – Prime Trust, LLC is seeking approval of a $10 million super-priority senior secured debtor-in-possession facility via Polaris Ventures, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

There will be no interest, unless a default occurs, in which case the rate will be 7½%.

The facility is set to mature on Jan. 12.

A hearing is scheduled for Dec. 19.

The Las Vegas-based cryptocurrency custodian filed bankruptcy on Aug. 14 under Chapter 11 case number 23-11161.

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