Nanopay Corporation, a startup providing embedded payment solutions, filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (BIA).
The company moved for an extension of time to file a proposal, authority to borrow under a DIP (Debtor-in-Possession) credit facility, and approval to engage a Chief Restructuring Officer (CRO).
The court granted the motion, approving the DIP Term Sheet, appointing the CRO, and extending the proposal filing deadline to August 2, 2023, finding that the company acted in good faith and with due diligence, and no creditor would be materially prejudiced.
An interim limit was placed on initial DIP advances.