MCSi obtains access to remainder of DIP financing

Chicago, July 10 - MCSi Inc. has received final approval from the bankruptcy court for its $10 million debtor-in-possession financing facility via some of its existing lenders.

Following a previous interim court order, $5 million, including $2.5 million for letters of credit, was immediately available under the facility. Now with final court approval of the facility, the remaining $5 million, including $3.5 million for letters of credit, is available.

"This final approval of our financing arrangements is yet another milestone in our restructuring efforts. We believe that our DIP facility, together with cash on-hand of approximately $5.5 million, will provide us with sufficient liquidity to fund our post-petition trade and employee obligations, as well as our ongoing operating needs," said Gordon Strickland, president and chief executive officer, in a press release.

MCSi is a Dayton, Ohio-based audiovisual company.

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