SEC Filings

PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 02/27/2019
Entire Document


from the DIP Facility, the DIP Loan Documents, the Prepetition Financing Documents and/or the Prepetition Treximet Notes Financing Documents. The DIP Lenders shall not, by virtue of making the DIP Loans, be deemed to be in control of the operations of Debtors, to owe any fiduciary duty to the Debtors, their respective creditors, shareholders, or estates or to be acting as a “responsible person” or managing agent with respect to the operation or management of the Debtors.


(xvii)      Any payment or obligation requested to be made by the Debtors in connection with the First Day Motions (as defined in the Sedor Declaration) is expressly provided for in the Approved Budget (as defined below).


F.                  Cash Collateral. For purposes of this Interim Order, the term “Cash Collateral” shall mean and include all “cash collateral” as defined in Bankruptcy Code section 363, in which the Prepetition Secured Parties have a lien or security interest, in each case whether existing on the Petition Date, arising pursuant to this Interim Order or any Final Order, or otherwise. The Debtors represent and stipulate that all of the cash, cash equivalents, negotiable instruments, investment property, and securities of the Prepetition Revolving Borrowers constitute Cash Collateral.


G.                Use of DIP Facility and Cash Collateral. The Debtors have an immediate and critical need to use proceeds of the DIP Facility and Cash Collateral to, among other things, continue to operate their business in an orderly manner, maintain business relationships with vendors, fund the Debtors’ marketing and sale process, and to satisfy other working capital and operational needs. Without the use of proceeds of the DIP Facility and Cash Collateral, the Debtors will have insufficient liquidity to conduct a successful sale process and otherwise preserve and maximize the value of the Debtors’ estates. The adequate protection provided