Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Nuverra Environmental Solutions DIP Financing Approved

0
0

The U.S. Bankruptcy Court approved, on a final basis, Nuverra Environmental Solutions’ financing motion.

As previously reported, “In an effort to continue operations and preserve estate value, the Debtors secured two complimentary credit facilities: the $31.5 million DIP Revolving Facility from the lenders under the Existing Revolving Credit Facility (the ‘Existing Revolving Credit Facility Lenders’) and the $12.5 million DIP Term Facility from their Existing Term Loan Lenders. Nuverra is the borrower under each of the DIP Facilities, and each of the other Debtors (collectively, the ‘Guarantors’) guarantees the DIP Facilities.”

In addition, “The Debtors expect that, together, the DIP Facilities will provide them with the liquidity they need to operate in chapter 11 and fund the expenses of administering their cases….The DIP Term Facility is a senior secured new money multiple-draw term loan facility that makes available additional funding to the Debtors to fund operations in accordance with a budget approved by the DIP Lenders (the ‘Budget’). The Debtors may borrow up to $7.5 million under the DIP Term Facility prior to entry of a Final Order.”

Read more bankruptcy news.

The post Nuverra Environmental Solutions DIP Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images