Lilis Energy wins final approval of $30 million DIP financing package

By Caroline Salls

Pittsburgh, Aug. 21 – Lilis Energy, Inc. obtained court approval to access $30 million in debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The financing package includes $15 million in new-money DIP loans and a $15 million roll-up of pre-bankruptcy loans.

BMO Harris Bank, NA is the DIP financing agent.

The financing will mature five months from the DIP credit agreement execution date.

Interest on new-money loans will accrue at Libor plus 650 basis points, and interest on roll-up loans will accrue at Libor plus 550 bps.

Together with its usual operating cash flows, Lilis said the financing is expected to provide sufficient liquidity for it to continue to operate in the ordinary course through the restructuring process.

Lilis is a Fort Worth-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin. The company filed bankruptcy on June 28 under Chapter 11 case number 20-33274.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.