Luca International obtains $200,000 DIP loan

By Mark Reccek

Bethlehem, Pa., Aug. 11 – Luca International Group LLC’s request to obtain debtor-in-possession financing in the amount of $200,000 was approved, according to an order issued Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

Schumann/Steier Holdings will serve as the DIP lender.

Interest will be Libor plus 1,500 basis points, with a 3% Libor floor.

The facility will mature upon the passage of 270 days following the entry of the Aug. 10 order.

According to the order, the company requested financing “in order to prevent immediate and irreparable harm to its estate and minimize disruption to and avoid the termination of its business operations.”

An unsecured creditor committee has not been appointed to date in the case.

A final hearing is scheduled for Aug. 24.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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