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

By Lisa Kerner

Charlotte, N.C., Aug. 10 - Storm Cat Energy (USA) Corp. requested court approval to extend the maturity of its debtor-in-possession financing to Dec. 31 from Aug. 31 and increase the allowed borrowing amount to $16 million from $18.3 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Colorado.

The company is also seeking access to cash collateral through Dec. 31.

According to the motion, Storm Cat has received preliminary non-binding term sheets for exit financing.

This is the company's fifth motion to extend and amend its DIP financing and use of cash collateral.

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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