Business Brief
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In regards to the closing of the bridge loan, we want to report that nothing has changed, we are still on track to close on the loan. Only, it did not happen last week, as we previously thought could be done.
We are one of a handful of recipients in a “basket” fund that is secured by assets of multiple investors, and it is therefore more complex than a simple two-party loan or investment deal. With multiple parties involved, requiring all signatures for certain documentation at this final phase, timing for the closing is not entirely predictable. The Easter weekend has also had some impact, it turns out, with certain international communities including certain days last week as well as Monday of this week as a part of the Easter holiday.