Storm Cat Energy seeks court OK to increase DIP loan, extend maturity

By Caroline Salls

Pittsburgh, Nov. 24 - Storm Cat Energy (USA) Corp. requested court approval to extend the maturity of its debtor-in-possession financing to April 30 from Dec. 31 and increase the allowed borrowing amount to $14 million from $12.5 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Colorado.

The company is also seeking access to cash collateral through April 30.

According to the motion, Storm Cat has received preliminary non-binding commitments for exit financing, but those commitments require funding beyond the current Dec. 31 DIP loan maturity date.

Storm Cat, with headquarters in Denver and Calgary, Alta., filed for bankruptcy on Nov. 10, 2008. The Chapter 11 case number is 08-27887.

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