The US Bankruptcy Court gave an order to PFO Global, Inc. to obtain DIP financing on an interim basis on February 3, 2017. As per the order, the debtor has been authorized to obtain a credit facility in the amount of $0.10 million out of a total amount of $0.42 million from Hillair Capital Management LLC with Hillair Capital Management LLC acting as the administrative agent. The DIP facility would mature either on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. The proceeds of the DIP financing would be used towards advances, interest, fees and expenses and maintaining business operations. 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 up to $0.09 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP Agent shall be given the right to credit bid at any sale or auction in the bankruptcy case and shall be named as an additional insured and loss payee on each insurance policy maintained by the debtors which relates to the collateral under the DIP agreement. The final hearing is scheduled for February 27, 2017. Olshan Frome Wolosky LLP and Gray Reed & McGraw LLP acted as counsels to the DIP lender.