VC funds apparently being used to close its credit facility with Silicon Valley Bank.
The cash comes from High River Limited Partnership, a VC firm owned by Carl Icahn, who owns approximately 14.6 per cent of Motricity's outstanding shares.
It should give Motricity breathing space to explore options including a break up of its divisions or a complete sale.
The last few weeks have seen a drastic slide in the fortunes of the mobile data services specialist.
In August the firm sacked its founder and CEO Ryan Wuerch after it revised revenues for the current quarter to $31.5 million – around $14 million less than it had been expecting.
Motricity is also facing legal action from disgruntled shareholders. Law firm Robbins Umeda has commenced an investigation into 'possible breaches of fiduciary duty and other violations' by directors.
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Fundamentally, the firm has struggled to find a business model that works in the app store era as well as it did in the carrier deck/personalisation era, when it was one of the world's foremost content delilvery specialists.
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