GMX Resources granted interim access to $20 million of DIP financing

By Caroline Salls

Pittsburgh, April 4 - GMX Resources Inc. obtained interim access to $20 million of its proposed $50 million in debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Oklahoma.

The final hearing is scheduled for April 18.

The DIP facility commitment is backstopped by one or more entities or accounts managed by Chatham Asset Management, LLC, GSO Capital Partners, Omega Advisors, Inc. and Whitebox Advisors LLC.

Cantor Fitzgerald Securities is the administrative agent and collateral agent.

Interest will be Eurodollar plus 1,000 basis points.

The facility will mature on the earliest of six months from the bankruptcy filing date, closing of a sale transaction, the effective date of a plan of reorganization and acceleration of the facility in connection with an event of default.

Oklahoma City-based GMX Resources explores, develops and produces properties for the production of crude oil and natural gas. The company filed Chapter 11 bankruptcy on April 1. Its Chapter 11 case number is 13-11456.

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