Storm Cat Energy asks court to increase DIP loan, extend maturity

By Caroline Salls

Pittsburgh, Feb. 23 - Storm Cat Energy (USA) Corp. requested court approval to increase the authorized borrowing under its debtor-in-possession financing to $20.3 million from $19.7 million and to extend the maturity of the DIP facility to March 31 from Feb. 28, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Colorado.

The company said its Storm Cat Energy (USA) Operating Corp. and Storm Cat Energy (Powder River) LLC debtors have a confirmed plan that has not yet taken effect.

Storm Cat said the debtors will need continued funding and access to cash collateral if the plan does not take effect by the current Feb. 28 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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