Quicksilver Resources cash collateral use extended to await hearing

By Caroline Salls

Pittsburgh, April 28 – Quicksilver Resources Inc.’s cash collateral use termination date was extended in an order entered Thursday by the U.S. Bankruptcy Court for the District of Delaware.

On Tuesday, the company asked the court to extend the termination date to the earlier of Aug. 15 and the occurrence of a termination event.

Since the hearing on that extension is not scheduled to be held until May 17 and the current cash collateral termination date is April 30, the court extended the company’s cash collateral use through the hearing date.

According to the extension motion filed Tuesday, the primary remaining tasks in Quicksilver’s Chapter 11 cases are the negotiation and prosecution of a liquidation plan and the distribution of sale proceeds to parties in interest.

The company said it needs access to cash collateral during that process to fund its remaining operations and properly wind down its estates.

Quicksilver, based in Fort Worth, is an independent oil and gas exploration and production company. The company filed for bankruptcy March 17, 2015 under Chapter 11 case number 15-10585.

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