The US Bankruptcy Court gave an order to Akumin Inc. to obtain DIP financing on an interim basis on November 29, 2023. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $75 million from Stonepeak Magnet Holdings LP. The DIP loan would carry an interest rate of 8% p.a. The DIP facility would mature either on December 21, 2023 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 $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.