Near Intelligence gets approval of DIP financing and bid procedures

By Sarah Lizee

Olympia, Wash., Jan. 24 – Near Intelligence, Inc. received final approval of a $16 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The multi-draw term loan DIP financing agreement is with the company’s existing secured lenders, affiliates of Blue Torch Finance LLC, as previously reported.

Interest on the facility is SOFR plus 975 basis points.

Bid procedures

The company also received approval of the bid procedures for its assets, according to a separate order filed Tuesday.

Near Intelligence’s existing secured lenders are also serving as stalking horse bidder for the assets.

The proposed purchase price includes a credit bid of at least $50 million, comprising all amounts Near owes to its lenders under the DIP facility and the $34 million it owes under a prepetition senior secured credit facility.

Under the bid procedures, the bid deadline is 4 p.m. ET on Feb. 8, an auction is scheduled for Feb. 10, and a sale hearing will take place on Feb. 16.

Near Intelligence is a Pasadena, Calif.-based privacy-led data intelligence company. The company filed bankruptcy on Dec. 8 under Chapter 11 case number 23-11962.

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