Beyond Oblivion granted interim access to half of $750,000 DIP loan

By Lisa Kerner

Charlotte, N.C., Jan. 26 - Beyond Oblivion, Inc. was granted interim access to $325,000 of its debtor-in-possession loan by the U.S. Bankruptcy Court for the Southern District of New York, according to an attorney familiar with the case.

The approval is subject to the entry of an order by the court, which is expected on Friday, the attorney said.

As previously reported, Beyond Oblivion, in conjunction with its bankruptcy filing on Monday, obtained a commitment for $750,000 of DIP financing from lenders Clifford Burnstein and Allen & Company LLC.

Interest will be 10%, and the DIP loan will mature on the earlier of March 30, 2012 and the closing of the sale of substantially all of the company's assets.

Beyond Oblivion is a New York-based digital music company. The Chapter 11 case number is 12-10282.

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