Nuvo Approved to Borrow Money From Founder to Fund Bankruptcy

Nuvo received approval on Wednesday from a US bankruptcy court to borrow enough money to help pay for its reorganization after a public listing on Nasdaq exhausted cash at the pregnancy care firm.

• The Tel Aviv-based company will get $10m from its DIP lender, an entity funded by among others, Nuvo’s founding investor, Laurence Klein
  • About $2.85m will be provided during the interim period, according to court papers
  • The entire package of the DIP will be filed to docket after the hearing, said the debtor’s lawyer Curtis Miller
• No other investors was willing to fund Nuvo because the firm doesn’t ...