MobiTV receives court approval to access $15.5 million DIP facility

By Sarah Lizee

Olympia, Wash., April 27 – MobiTV, Inc. received final court approval to access a $15.5 million junior secured multi-draw debtor-in-possession term loan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

TVN Ventures, LLC is the DIP lender, as previously reported.

The facility will mature on May 21 and will bear interest at 12%. There are no loan fees under the facility.

The company also got final court approval to use the cash collateral in which pre-petition lender Ally Bank has an interest.

MobiTV is an Emeryville, Calif.-based provider of live and on-demand video delivery solutions. The company filed bankruptcy on March 1 under Chapter 11 case number 21-10457.

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