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PORTLAND – A federal bankruptcy judge on Wednesday gave final approval to a plan for EnvisioNet to obtain financing while it seeks a merger partner.
The plan approved by U.S. Bankruptcy Judge James B. Haines Jr. came as the company said it may soon land at least two new contracts that would bring in revenue.
The plan allows the computer-support company to continue to access a $5.6 million revolving line of credit from KeyBank. It also calls for $563,000 in loans from four lenders: Village Ventures, Keystone Venture, the TSG Equity Fund and the Tureen Group.
Once touted as a technology start-up success story in Maine, EnvisioNet sought Chapter 11 bankruptcy protection last month after an unsuccessful effort to raise $20 million in venture capital.
The company, which is relocating its headquarters from Brunswick to Augusta to save money, laid off 560 employees in May after one of its largest clients, Microsoft Networks, cut its forecast for call volume by half.
Another 110 positions were cut from EnvisioNet’s Orono office in June after Microsoft cut back even more of its business.
EnvisioNet provides customer service and technical support to high-tech companies such as Dell and Microsoft.
Company spokesman Anthony Citrano said it was involved in “pretty intense discussions” with a handful of potential merger partners.
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