MMFX Technologies granted final approval of $1.6 million DIP loan

By Caroline Salls

Pittsburgh, March 2 - MMFX Technologies Corp. received final court approval of its $1.6 million in debtor-in-possession financing from pre-bankruptcy lender Lindsey Davidson, according to a Wednesday filing with the U.S. Bankruptcy Court for the Central District of California.

Interest will be 10%.

The facility will terminate on the earliest of Dec. 31, 2011, the closing of a sale of substantially all company assets, the effective date of a plan of reorganization and upon conversion or dismissal of the bankruptcy case.

MMFX, an Irvine, Calif.-based materials science company, filed for bankruptcy on Dec. 14, 2010. The Chapter 11 case number is 10-10083.

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