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September 27, 2002 — (WEB HOST INDUSTRY REVIEW) — Managed infrastructure solution provider Interliant Inc. (interliant.com) announced on Thursday that the company has closed on its Debtor-in-Posession financing with New York-based lender Access Capital Inc.
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Access Capital will provide Interliant with a revolving credit facility with maximum availability of $5 million. The credit is secured by Interliant?s accounts receivable, with added security in the company?s assets.
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A US Bankruptcy Court order entered on September 20 authorized Interliant to borrow up to $1.5 million under the facility until a final order is entered. The final order is expected on October 9.
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“This new financing provides Interliant with an added source of funds to help us through our Chapter 11 reorganization,” said Francis J. Alfano, Interliant’s president and CEO. “This is an important milestone in our restructuring of the company to create a sound financial base for our ongoing operations.”
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The company, which filed for bankruptcy on August 5, 2002, says it is reorganizing to focus on its core businesses that make use of its data center infrastructure, including managed messaging, managed hosting and managed security services.
