CITCSCore Interstate Transition Cost Surcharge
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The Company has also entered into an agreement with HBD Industries to provide interim debtor in-possession financing (the "DIP Financing") of up to $3 million, which would be repaid from the proceeds of the sale of receivables to CITCS or the winning bidder at the auction.
In conjunction with the court proceedings, Fansteel expects to file a variety of "first day motions" including motions seeking approval of the DIP Financing and court permission to: continue payments for employee payroll and health benefits; honor existing warranties; maintain cash management programs, retain legal, financial, and other professionals to support Fansteel's reorganization and to set dates for hearings related to the proposed CITCS receivables sale.