Alpine Summit Energy gets final approval of $46.5 million DIP package

By Sarah Lizee

Olympia, Wash., Sept. 13 – Alpine Summit Energy Partners, Inc. received final approval of $46.5 million debtor-in-possession financing package, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the financing is being provided by their existing bank group, which includes Bank7.

The financing includes $15.5 million in new money and a $31 million rollup of prepetition loans.

Interest on the DIP facility is the prime rate plus 200 basis points per annum, with a default interest rate of 15% per annum. Each is payable monthly in kind.

There is a closing fee of 1%.

Nashville-based Alpine Summit Energy Partners develops, owns and operates oil and gas properties in several formations in Texas. The company filed bankruptcy on July 5 under Chapter 11 case number 23-90739.

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