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Breitburn Energy Partners Financing Approved

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The U.S. Bankruptcy Court approved Breitburn Energy Partners’ motion for authority to (a) obtain post-petition financing, (b) use cash collateral, and (c) grant certain protections to pre-petition secured parties.

As previously reported, “The Debtors propose to enter into a postpetition revolving loan facility of up to $150 million with certain of their prepetition first-lien lenders and to use cash collateral to fund their operations and the administration of these chapter 11 cases….The DIP Facility preserves the status quo, and provides the Debtors with more than sufficient liquidity to fund their business and the administration of these cases and to pursue and consummate a successful restructuring. The Debtors request authority to draw funds of up to $75 million upon entry of the interim order. Wells Fargo Bank, National Association will serve as the D.I.P. Agent.”

More on oil & gas bankruptcies.

The post Breitburn Energy Partners Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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