Bankruptcy Update: Mortgages Ltd., ProxyMed and more

Here are some of the latest bankruptcy stories our reporters have been covering Monday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

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Mortgages Ltd. wins DIP
Mortgages Ltd. can use $500,000 of a $5 million debtor-in-possession loan from Stratera Portfolio Advisors LLC until Aug. 21. The Phoenix mortgage lender will use the financing as working capital during its bankruptcy case. - John Blakeley

ProxyMed stalking horse named
A Delaware judge approved bankrupt ProxyMed Transaction Services Inc.'s bidding procedures, which name an affiliate of Marlin Equity Partners LLC as stalking-horse bidder with an $11 million bid. The stalking-horse bidder, MHC Acquisition Corp., is an affiliate of El Segundo, Calif.-based private equity firm Marlin Equity Partners. - Jamie Mason

Polar makes third Ch. 11 filing
Polar Molecular Corp. has filed for bankruptcy for a third time after a district court judge gave its secured creditor Petroleum Enhancer LLC approval to go ahead with a sale of its assets. - Jamie Mason

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