Elements Behavioral withdraws motion for additional DIP financing

By Sarah Lizee

Olympia, Wash., Feb. 28 – Elements Behavioral Health, Inc. withdrew its motion to access an additional $1.1 million in supplemental debtor-in-possession financing, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The notice did not give a reason for the withdrawal.

As previously reported, the company had said the additional financing was required to fund its Chapter 11 cases through the sale of its assets to Project Build Behavioral Health.

The proposed DIP facility amendment would have also extended the maturity date of the financing to March 31.

Elements is a Long Beach, Calif.-based behavioral health company. The company filed bankruptcy on May 23, 2018 under Chapter 11 case number 18-11212.

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