Venoco obtains interim court approval to access $35 million DIP loan

By Caroline Salls

Pittsburgh, March 21 – Venoco, Inc. received interim access to $35 million in debtor-in-possession financing from funds managed by Apollo Capital Management LP, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 21.

Wilmington Trust, NA is the administrative agent.

The DIP facility will mature on Dec. 31, 2016. Interest will be the Base rate plus 900 basis points for Base rate loans and Libor plus 1,000 bps for Libor loans.

Venoco, a Denver-based energy company, filed bankruptcy on March 18. The Chapter 11 case number is 16-10655.

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