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Published on 1/7/2010 in the Prospect News Distressed Debt Daily.

Foothills Resources looks to extend DIP financing to March 31

By Caroline Salls

Pittsburgh, Jan. 7 - Foothills Resources, Inc. requested court approval to extend its debtor-in-possession financing to March 31 from Jan. 31, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it needs the financing to continue to operate its business and proceed with its Chapter 11 reorganization.

"Without continued access to the funds provided under the extended DIP facility, the debtors may be unable to keep the derivative contracts in place, resulting in increased future price volatility on sales of oil production and a far less predictable cash flow from the debtors' oil and gas properties," Foothills said in the motion.

A hearing is scheduled for Jan. 29.

Foothills Resources, a Bakersfield, Calif.-based energy company, filed for bankruptcy on Feb. 11, 2009. Its Chapter 11 case number is 09-10452.


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