The US Bankruptcy Court gave an order to Protea Biosciences, Inc. to obtain DIP financing on a final basis on January 19, 2018. As per the order, the debtor has been authorized to obtain a term loan in the amount of $1.38 million from Summit Resource Inc. The DIP loan would either carry an interest rate of 15% p.a., along with an additional 5% p.a. interest in the event of default. The DIP facility would mature either on January 31, 2018 or 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 towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Court had granted the debtor an interim approval to access $0.48 million as DIP financing on December 12, 2017.