Some Poynt News
Poynt secures $100,000 debtor-in-possession financings
2012-09-27 23:04 ET - News Release
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Mr. Andrew Osis reports
POYNT CORPORATION SECURES AGREEMENTS FOR DEBTOR-IN-POSSESSION FINANCINGS AND RECEIVES NEW EXTENSION TO CREDITOR PROTECTION
The Court of Queen's Bench of Alberta has granted an order extending Poynt Corp.'s creditor protection until Oct. 12, 2012, and agreements have been made and approved by the court for debtor-in-possession financings in an aggregate amount of $100,000 at an interest rate of 20 per cent.
The DIP financings were provided by nine lenders, are each secured against all of the company's assets and are repayable on demand by the DIP lenders following an event of default. An aggregate of $50,000 of the DIP financings was provided by five DIP lenders, who are directors and/or officers of the company. In any event, the DIP financings will be repaid in full at the earliest of: (i) 12 months from Sept. 27, 2012; (ii) the date on which Poynt completes all requirements of the company's notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada); or (iii) the fifth business day following the date on which the stay of proceedings ordered in the proposal proceedings is terminated or lifted.
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