Online Marketer Velo Lands $5M DIP Deal In Newly Filed Ch. 11

Law360, New York (April 3, 2012, 6:47 PM EDT) -- A New York bankruptcy judge on Tuesday approved a $5 million interim debtor-in-possession financing package for Velo Holdings Inc., an online marketing company that filed for Chapter 11 protection late Monday along with 13 affiliates amid demands from creditors.

The DIP package U.S. Bankruptcy Judge Martin Glenn approved on an interim basis is intended to hold the company over pending a final hearing at which the debtor will seek approval for a $20 million facility from Barclays Bank PLC.

Velo's Chapter 11 petition, which estimates that...
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