The bankruptcy judge presiding over Exactech Inc’s Chapter 11 cases granted interim access to USD 85m of debtor-in-possession (DIP) financing provided by an ad hoc group of first lien lenders and other first day motions during a hearing today (30 October).

Judge Laurie Selber Silverstein of the US Bankruptcy Court of the District of Delaware signed off on USD 35m of the USD 85m DIP financing on an interim basis after the lender group providing the financing agreed to a reduction of fees. The DIP as initially proposed came with a 10% backstop commitment fee, a 5% commitment fee, a 4% exit fee and a 1% fee payable upon the extension of the maturity date. Judge Silverstein questioned why she should approve those fees on the first day of the case.