The US Bankruptcy Court gave an order to LENSAR, Inc. to obtain DIP financing on an interim basis on January 10, 2017. As per the order, the debtor has been authorized to obtain a multiple draw term credit facility in the amount of $4.37 million from PDL Biopharma, Inc. with PDL Biopharma, Inc. acting as the administrative agent. The DIP facility includes $2.8 million in new money and $1.57 in previously funded interim advances. The DIP loan would carry an interest rate of 15.5% p.a., along with an additional 3% p.a. interest in the event of default. The DIP facility would mature either on June 19, 2017 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.20 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing has been scheduled for January 30, 2017.