Badlands Energy granted interim access to $350,000 of DIP financing

By Caroline Salls

Pittsburgh, Aug. 21 – Badlands Energy, Inc. obtained court approval to use $350,000 of a proposed $1.5 million in debtor-in-possession financing on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Colorado.

The final hearing is scheduled for Aug. 31.

Garrison Loan Agency Services LLC agreed to provide the DIP financing.

The facility will mature 90 days from the bankruptcy filing date.

Interest will accrue at a rate of Libor plus 2,150 basis points.

Badlands, a Denver-based oil company, filed bankruptcy on Aug. 11. The Chapter 11 case number is 17-17465.

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