Tri-Point Oil & Gas secures interim access to $6 million in financing

By Caroline Salls

Pittsburgh, March 19 – Tri-Point Oil & Gas Production Systems, LLC obtained court approval to access $6 million in debtor-in-possession financing on an interim basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for April 7.

Wells Fargo Bank, NA is the administrative agent.

The facility will mature on the earliest of May 29, 2020, 45 days after entry of the interim order if the final order has not been entered, the effective date of a Chapter 11 plan, closing of a sale of all or substantially all of the company’s assets and properties, conversion of the Chapter 11 cases and acceleration of the loan obligations or termination of the commitments.

Interest will accrue at the Base rate plus 400 basis points.

Houston-based Tri-Point, through its subsidiaries, provides surface production solutions and process equipment and services to customers in North America. The company filed bankruptcy on March 16 under Chapter 11 case number 20-31777.

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