DIP Financing and Court Oversight
Azzur’s prepetition secured lender, M&T Bank, has agreed to extend a $23.5 million revolving credit facility DIP loan to fund the restructuring. Under the terms of the DIP loan, Azzur must:
- Hold a bankruptcy auction by early April
- Close the sale of its consulting business by mid-May
The case has been assigned to U.S. Bankruptcy Judge Karen B. Owens.
Legal Representation and Next Steps
Azzur is represented by Stuart M. Brown and W. Benjamin Winger of DLA Piper LLP.
As the bankruptcy proceedings unfold, industry watchers will be closely monitoring whether Azzur’s assets attract enough bidders to salvage its remaining business—and whether the cleanroom-on-demand concept has a future beyond this financial debacle.
