thats this, where did the 8k of r/s go?????
thats what your link opened too
As previously disclosed, on February 10, 2014, Cereplast, Inc. (the “Company”) filed a voluntary petition in the United States Bankruptcy court for the Southern District Of Indiana (the “Bankruptcy Filing”) seeking relief under Chapter 11 of Title 11 of the United States Code Case No. 14-90200-BHL-11.
In connection with the Bankruptcy Filing, on February 14, 2014, the Company entered into a Debtor-in-Possession Loan Agreement (the “DIP Credit Agreement”) with ProCap Funding (the “Lender”). Pursuant to the terms of the DIP Credit Agreement, the Lender agrees to lend in an aggregate principal amount of up to $1,000,000. The DIP Credit Agreement remains subject to the issuance of a final order by the Bankruptcy Court.
The Company has agreed to provide unconditional guarantees of the obligations of the Company under the DIP Credit Agreement. Under the terms of the DIP Credit Agreement, the interest on the loans provided thereunder will accrue at a base rate of 5% per annum. The obligations of the Company under the DIP credit Agreement are secured by a first-priority security interest in and lien upon all of the existing and after-acquired personal property of the Company. The security and pledges are subject to certain exceptions.
The DIP Credit Agreement limits, amount other things, the Company’s ability to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) prepay subordinated indebtedness and make other restricted payments, and (v) modify the terms of certain material contracts of the Company. In addition to the standard obligations, the DIP Credit Agreement, provides for periodic delivery by the Company of various financial statements set forth in the DIP Credit Agreement. Availability under the DIP Credit Agreement may be further subject to
