Victory Memorial Hospital $2 million DIP loan approved

By Caroline Salls

Pittsburgh, Feb. 10 - Victory Memorial Hospital received court approval to obtain $2 million of unsecured debtor-in-possession financing from Borgen Funding, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of New York.

Victory Memorial said the loan will allow it to pay operating expenses, including payroll and working capital obligations, until the closing of the sale of its assets to Sunset LG Realty LLC.

The DIP loan will mature in 180 days from closing.

Interest will be Prime rate plus 3%.

Victory Memorial, a Brooklyn, N.Y.-based hospital, filed for bankruptcy on Nov. 15, 2006. Its Chapter 11 case number is 06-44387.

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