Nogin receives final court approval of $24.7 million DIP facility

By Sarah Lizee

Olympia, Wash., Jan. 31 – Nogin, Inc. received final approval of a $24.7 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, after entering into a restructuring support agreement, the debtors, B. Riley Principal Investments, LLC as plan sponsor, and an informal convertible noteholder group negotiated a senior secured super-priority debtor-in-possession credit facility in a total principal amount of up to $24.7 million, inclusive of a $10.2 million rollup of bridge loans.

BRF Finance Co., LLC is the DIP agent.

Interest is 15% per annum, with default interest being an additional 2%.

The company has also received final approval to access cash collateral.

Nogin said access to the cash collateral and DIP financing will provide necessary liquidity to conduct a value-maximizing process in the Chapter 11 cases, whether by sale or under a Chapter 11 plan.

The New York-based online retail company filed bankruptcy on Dec. 5 under Chapter 11 case number 23-11945.

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