Isolagen granted interim approval of $2.75 million DIP facility

By Jennifer Lanning Drey

Portland, Ore., June 17 - Isolagen, Inc. received interim court approval of its proposed $2.75 million debtor-in-possession facility from Viriathus Services LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for July 6.

The facility will mature on the earliest of Dec. 31, 2009, 30 days after entry of the interim order if the final order has not been entered and the effective date of a plan of reorganization.

Interest will be 10%.

Isolagen previously said it would not have the cash needed to operate its business or service its debt without access to the DIP financing.

Isolagen is based in Exton, Pa., and specializes in autologous cellular therapies for soft and hard tissue regeneration. The company filed for bankruptcy on June 15. Its Chapter 11 case number is 09-12072.

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