World Health Alternatives receives interim access to $17.675 million of DIP facility

New York, Feb. 23 - World Health Alternatives, Inc. obtained approval for interim access to $17.675 million of its debtor-in-possession credit facility, according to a filing Thursday with the U.S. Bankruptcy Court for the District of Delaware.

A final hearing on the DIP facility was set for March 14.

The interim amount was more than the $10 million originally requested by the company.

The full DIP commitment is for a $37 million revolver from CapitalSource Finance, LLC.

Interest is the Prime rate plus 150 basis points.

Maturity is the earliest of April 26, the sale of substantially all of the company's assets or consummation of a plan of reorganization.

World Health will pay a $378,500 commitment fee.

World Health said it expects that the DIP financing, together with its ongoing revenue stream, will be sufficient to fund its operations, including payment of employee wages and benefits, during the sale process.

World Health filed for Chapter 11 on Feb. 20. Based in Pittsburgh, it provides staffing services for the medical industry. Its Chapter 11 case number is 06-10166.

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