Echo Energy Partners secures final approval of $8.5 million DIP loan

By Caroline Salls

Pittsburgh, May 1 – Echo Energy Partners I, LLC received final court approval to access $8.5 million in debtor-in-possession financing from Texas Capital Bank, NA, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said the liquidity provided by the DIP financing will allow it to continue operations and preserve the value of its estates.

The facility will mature on July 5, or earlier upon the occurrence of an event of default, a sale of substantially all of Echo’s assets or the effective date of a Chapter 11 plan.

Interest will accrue at a rate of 10%.

Echo is an Oklahoma City-based independent oil and gas company. The company filed bankruptcy on March 24 under Chapter 11 case number 20-31920.

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