Burro Sand seeks approval of $1.5 million DIP term loan facility

By Sarah Lizee

Olympia, Wash., June 6 – Aequor Mgt LLC, which does business as Burro Sand, is seeking approval of a $1.5 million debtor-in-possession a multiple-draw term loan credit facility with Independence TX LLC as lender, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Texas.

The company is also seeking approval to access the cash collateral of the lender.

The company said it needs financing in order to continue proper maintenance of assets and operations while it conducts a sale and liquidation process in Chapter 11.

Interest on the DIP facility will accrue at 5% per annum.

A hearing is scheduled for June 21.

Tyler, Tex.-based Burro Sand is a frac sand mining and processing plant. The company filed bankruptcy on Jan. 5 under Chapter 11 case number 23-60010.

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