Linqto and Sandton Master Fund VI: financing terms

analysisThe debtors were joint and several borrowers under the July 8, 2025 interim financing authorization. The earlier proposed $60 million commitment provided $10 million initially and contemplated a further $50 million subject to final approval, with priming liens, a professional-fee carve-out and proposed issuance, exit, extension and undrawn fees. Those earlier proposals should not be treated as the terms of the later facility. ^{1 2 3}

analysisThe September 16 settlement stipulated borrowing up to $25 million from Master Fund VI and excluded platform securities and their proceeds from DIP collateral, while including estate claims and avoidance recoveries subject to the carve-out. The disclosure statement reports court approval on October 3, 2025 and entry of the final DIP order on October 6. The confirmed plan retains the $25 million ceiling, but its printed 2024 agreement year conflicts with the 2025 chronology and is not silently corrected. ^{1 4}

analysisThe stipulated sale mechanism allowed the lender to appoint Stein as attorney-in-fact to select and sell securities with committee consent for repayment. This was scoped authority, rather than proof that every contemplated sale occurred. The confirmed plan directs first proceeds of its holdback liquidation or financing to allowed DIP claims in cash until paid. Trustee and fund-manager selection was separately delegated to Stein as debtor representative. ^{1 2}

analysisOutstanding debt and restructuring costs retain their reporting dates. The July 31, 2026 exhibit prints Parent DIP financing of 24,257,998 and accrued interest of 1,846,644, but its '$ in 000s' header conflicts with apparently dollar-scale values. The numbers remain as written without an inferred multiplier. A retained account of the June report separately gives DIP debt of $23,030,487 at June 30; the original June operating report is not separately retained. Neither period establishes a final recovery cost or expenses caused by Forge's later refusal. ^{3 4}