Bankruptcy Court Approves $15 Million in Debtor-in-Possession Financing for OCA, Inc.METAIRIE, La. -- OCA OCA oculocutaneous albinism. , Inc. (Pink Sheets: OCAI) (the "Company"), announced today that it received an interim order from the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approving a $15 million debtor-in-possession (DIP) revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. financing with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. as agent, and Silver Point Capital. Under terms of the approval, $7 million in financing is available immediately. The approval of the financing is subject to a final hearing scheduled for April 5th. The Company believes that this DIP financing will provide sufficient liquidity for the Company to continue to perform under its existing business service agreements with affiliated orthodontists and vigorously defend against recent actions by certain orthodontists that the Company contends are breaches of their business service agreements. About OCA, Inc. The Company provides a full range of operational, purchasing, financial, marketing, administrative and other business services, as well as capital and proprietary information systems to approximately 200 orthodontic orthodontic (ôr´th  dän´tik),adj and dental practices representing approximately almost 400 offices. |
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