The US Bankruptcy Court gave an order to GL Brands, Inc. to obtain DIP financing on a interim basis on December 23, 2021. As per the order, the debtor has been authorized to obtain a DIP loan on a revolving basis in the total amount of $0.75 million out of it $0.15 million in interim basis from Merida Capital Partners III LP. The DIP loan would carry an interest rate of 15% p.a. along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on March 31, 2021, unless the debtor files a plan of reorganization by the date and on June 30, 2021, or 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 $0.08 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing is held on January 6, 2021.