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ERG Intermediate looks to extend loan maturity to allow plan process
By Caroline Salls
Pittsburgh, Aug. 31 – ERG Intermediate Holdings, LLC requested court approval of a third amendment to its debtor-in-possession facility that will extend the maturity date through Nov. 15 from Aug. 31, according to a motion filed Aug. 28 with the U.S. Bankruptcy Court for the Northern District of Texas.
As previously reported, ERG cancelled its sale process and said it plans to move forward with a plan of reorganization.
The company said in Friday’s motion that it needs DIP financing and access to cash collateral to complete the plan process.
The proposed amendment also requires the company’s plan to take effect by Nov. 15.
Also under the amendment, ERG will be in default on the DIP facility if a non-approved reorganization plan is filed by any other party to the Chapter 11 cases.
A hearing is scheduled for Sept. 1.
ERG is a Houston-based independent oil and gas company that filed for bankruptcy on April 30. The Chapter 11 case number is 15-31858.
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