A bankruptcy court judge on Tuesday gave preliminary approval to a financing plan that will help support Health Diagnostic Laboratory Inc.’s (HDL) business operations while the company tries to sell itself, the Richmond Times Dispatch reported yesterday. The Richmond-based blood-testing company obtained debtor-in-possession financing from CVF Beadsea LLC, an affiliate of the Greenwich, Conn.-based investment firm Credit Value Partners. The agreement will give HDL access to $6 million from a revolving credit facility on an interim basis, and $12 million if the financing is approved after a final hearing scheduled for Aug. 24. Bankruptcy Judge Kevin Huennekens approved the financing deal on an interim basis at an expedited hearing, but only after an exchange of arguments among the lawyers that exposed the tensions between HDL and its primary lender, BB&T Bank.
