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BRIEF-Wayland Announces Court Approval Of Amended DIP Facility

Published 2019-12-16, 09:54 p/m
BRIEF-Wayland Announces Court Approval Of Amended DIP Facility
WAYL
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Dec 16 (Reuters) - Wayland Group Corp WAYL.CD :

* WAYLAND ANNOUNCES COURT APPROVAL OF AMENDED DIP FACILITY

* WAYLAND GROUP -AMENDED DIP FACILITY SECURED BY PRIORITY SECURITY INTEREST OVER ALL OF PROPERTY OF CO AND WILL ACCRUE INTEREST AT RATE OF 4% PER ANNUM

* WAYLAND GROUP-UNDER TERMS OF AMENDED DIP FACILITY, DIP LENDER AGREED TO PROVIDE ADVANCES UNDER AMENDED DIP FACILITY UP TO MAXIMUM AMOUNT OF $10.05 MILLION

* WAYLAND GROUP CORP - COMEBACK ORDER EXTENDED STAY OF PROCEEDINGS AGAINST WAYLAND GROUP UNTIL JANUARY 31, 2020

* WAYLAND GROUP - STAY EXTENSION WILL ALLOW CO TO CONTINUE OPERATING AS A GOING CONCERN AS THEY DEVELOP SISP AND PURSUE VARIOUS RESTRUCTURING OPTIONS

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