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Structural division: books › SECTION FIVE
Article 745 — New Financing
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ In exceptional cases, upon approval of the creditors’ committee, new financing may be authorized to finance the continuation of the debtor’s business.
2/ Such new financing shall have priority over unsecured creditors but shall rank below new financing granted in the framework of reorganization or preventive restructuring proceedings in accordance with Article 786 of this Code. The court may confirm the granting of security for new financing over unencumbered assets of the estate in which case the priority of new financiers shall be treated in accordance with the rules of priority of secured creditors.