Approvals

Each request is checked against the credit agreement and Thorne's policies before it reaches you.

Corvid Logistics · Emergency payroll advance, $0.31M

Blocked by policy

Corvid asks for $0.31M to cover payroll on Wednesday Nov 11. Policy does not allow new money here without an IC override.

Contract check · DR-2046: Company flagged No New Money · policy NNM-1 needs an IC override
Recommended: Ask Corvid for a payroll plan and a 13-week bridge before the IC meets

Halcyon Home Health · Forbearance through Jan 31

IC review Nov 12

Halcyon asks Thorne to hold off enforcing the DSCR breach until Jan 31. Terms are drafted: a 1.0% fee, weekly cash reporting and a hiring freeze.

Contract check · DR-2044: Q3 DSCR breach (1.08x vs 1.20x) · forbearance terms drafted
Recommended: Grant forbearance with weekly reporting and a payer-mix milestone

Northgate Restaurants · Close 2 locations, $0.4M charge

Ready to approve

Northgate wants to close the two weakest restaurants. One-time cost is $0.4M, and it adds about three weeks of runway.

Contract check · DR-2047: Within the restructuring basket · runway +3 weeks
Recommended: Approve; both sites lose money after rent

Brightwater Packaging · Extra $0.3M for equipment repair

Needs consent

Goes over the $1.2M yearly equipment cap. Recommended: approve if they show the 60-day payback.

Contract check · DR-2041: §6.09 capex cap $1.2M, $0.9M used, would reach $1.5M: consent required
Recommended: Approve, on condition of 60-day payback evidence

Brightwater Packaging · New $0.6M equipment lease

Not allowed

The agreement allows up to $0.5M. Suggested reply: offer $0.5M instead.

Contract check · DR-2038: §6.02 permitted-lien basket $0.5M: exceeds it by $0.1M
Recommended: Counter at $0.5M or require the lien to be subordinated