The US Bankruptcy Court gave an order to Protea Biosciences, Inc. to obtain DIP financing on an interim basis on December 12, 2017. As per the order, the debtor has been authorized to obtain a term loan in the amount of $0.48 million from Summit Resource Inc. The DIP loan would either carry an interest rate of 15% p.a., along with an additional 5% p.a. interest in the event of default. The DIP facility would mature either on January 31, 2018 or on the date of consummation of the sale of substantially all assets, whichever is earlier. A final hearing on approval of the full DIP Loan request shall be held on December 28, 2017. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.