Simplexity Gets Nod For $1M DIP To Fund Quick Sale

Law360, Wilmington (March 19, 2014, 5:33 PM EDT) -- Troubled mobile-phone activator Simplexity LLC won approval from a Delaware bankruptcy judge Wednesday for up to $1 million debtor-in-possession financing, which the private equity-owned outfit will tap as it looks to ring up a speedy sale in Chapter 11.

Simplexity entered court protection Sunday, days after terminating nearly all its employees and shuttering operations, and the DIP package will help fund a sale process that will “maximize value and hopefully bring back the jobs,” debtor's counsel Robert S. Brady of Young Conaway Stargatt & Taylor LLP...
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