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Emerald Oil wins interim OK to use $7.5 million of DIP financing
By Caroline Salls
Pittsburgh, March 24 – Emerald Oil, Inc. was granted interim access to $7.5 million of a proposed $129.93 million in debtor-in-possession financing, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for April 19.
The facility is comprised of $20 million of new financing and a $109.93 million pre-bankruptcy credit facility rollup.
The DIP financing will mature at 5 p.m. ET on Sept. 22.
Interest will be the alternate Base rate plus 800 basis points for Base rate loans and Libor plus 900 bps for eurodollar loans.
Under the DIP agreement, Emerald must file a motion to approve an asset sale and related bid procedures by May 20, must conduct an auction by July 11, must obtain approval of an asset sale by July 15 and must close the sale by July 22.
Emerald Oil, a Denver-based oil exploration and production company, filed bankruptcy on March 22. The Chapter 11 case number is 16-10704.
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