SiriComm asks bankruptcy court to permit financing

Saying it needs the money to continue operation, Joplin based Siri-Comm filed a motion in U. S. District Bankruptcy Court for the Western District of Missouri today, asking the judge to approve a $228,461 loan from Quest Capital Alliance. SiriComm already borrowed $1.1 million from the Quest earlier this year, according to court documents.

In the filing, lawyers for SiriComm said:

The Debtor is unable to operate or conduct its business without the Post-Petition
Financing and would not be able to pay employee payroll. The Post-Petition Financing is
absolutely critical to the Debtor so that it may attempt to operate long enough to find a buyer for its business. The business, as a going concern, would be much more valuable than a sale of its assets in liquidation.

SiriComm filed for Chapter 11 bankruptcy Dec. 21, listing nearly $4 million in debts.