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Fertittas Bail Out Xyience With A Million Dollar Emergency Loan
We reported last week that The Ultimate Fighting Championships sponsor Xyience had filed for Chapter 11 bankruptcy protection, now the Fertitta family who owns the UFC has stepped in and opened their golden wallet to give Xyience a one million dollar emergency loan.
Bankruptcy Judge Mike Nakagawa is expected to sign an order within a few days approving post-bankruptcy financing for Xyience Inc., a Las Vegas-based energy-drink maker.
Nakagawa held a hearing Wednesday and agreed to allow Zyen, a company controlled by the Fertitta family, to make a $1 million emergency loan. Zyen can increase the loan to $2.6 million in the hopes Xyience can be sold within 75 days.
The loan is reported to help the battered energy drink company get by until it can be sold within 75 days.
With over 17.8 million invested in the company, the Fertittas stand to lose a lot if the energy drink company gets is drinks pulled from its 24,000 stores around the country.
– Source ReviewJornal