Delta Petroleum granted interim access to $44.97 million of DIP loan

By Caroline Salls

Pittsburgh, Dec. 21 - Delta Petroleum Corp. has been granted interim access to $44.97 million of a proposed $57.5 million debtor-in-possession facility from Whitebox Advisors LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Jan. 11.

Interest will be 13% payable in cash plus 6% of pay-in-kind interest.

The facility will mature on June 30, 2012.

Delta will pay an $85,000 administrative agent fee.

Delta Petroleum, a Denver-based oil and gas exploration and development company, filed for bankruptcy on Dec. 15. The Chapter 11 case number is 11-14006.

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