Phoenix Gets Early OK For $5M DIP Ahead Of $50M Sale Plan

Law360, Wilmington (August 5, 2014, 3:50 PM EDT) -- A Delaware bankruptcy judge gave card transaction processor Phoenix Payment Systems Inc. the interim OK Tuesday for a $5 million debtor-in-possession loan from prepetition lender Bancorp Bank that will help finance operations as it prepares for a proposed $50 million stalking horse sale to North American Bancard LLC.

U.S. Bankruptcy Judge Mary F. Walrath gave Phoenix Payment permission to tap up to about $2.8 million of the facility on an interim basis and allowed the debtor to roll up $1.5 million of the loan into prepetition...
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