Knight Energy granted final approval of $14.5 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 8 – Knight Energy Holdings, LLC received final court approval to access $14.5 million of debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the Western District of Louisiana.

The company said the financing is expected to provide it with liquidity to support the business during the Chapter 11 proceeding.

Cantor Fitzgerald Securities is the administrative and collateral agent.

Interest will accrue at a fixed rate of 8˝%.

The DIP facility will mature on the earliest of Jan. 31, the effective date of a Chapter 11 plan, the closing of a sale of all or substantially all of the company’s properties and the acceleration of the loans.

Knight, a Lafayette, La., oilfield rental tool company, filed bankruptcy on Aug. 8. The Chapter 11 case number is 17-51014.

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