Bankrupt Nirvanix Gets Nod For $1M DIP, Plans Asset Sales

Law360, Wilmington (October 4, 2013, 6:31 PM EDT) -- A Delaware bankruptcy judge gave cloud computing company Nirvanix Inc. interim approval on Friday for a $1.1 million debtor-in-possession loan designed to keep the company solvent while it looks to sell its assets and transfer customer data elsewhere.

At a first-day hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon agreed to sign off on the interim DIP, after Dell Financial Services LLC — one of Nirvanix's largest creditors and the owner of its data servers — agreed to push back its objection to a hearing...
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