GREY:EORBF - Post by User
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Dadouon Aug 04, 2017 4:42pm
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Orbite Completes DIP Financing
Orbite Completes DIP Financing MONTREAL, QUeBEC--(Marketwired - Aug 4, 2017) - Orbite Technologies Inc. (NEX:ORT.H) ("Orbite" or the "Company") today announced that, further to its press release of August 2, 2017, it has completed the $6.8 million Debtor-in-possession ("DIP") financing and received the $4.6 million initial tranche. The remaining $2.2 million minus the fees and expenses of the financing were transferred to be held in trust by PricewaterhouseCoopers, in its capacity as court appointed Monitor, and will be released to Orbite upon approval of the CCAA Court.
Please refer to the press release of August 2, 2017 for more information on the DIP financing and use of funds.
There can be no guarantees that Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.