Dune Energy eyes cash collateral extension following DIP loan maturity

By Caroline Salls

Pittsburgh, July 29 – Dune Energy, Inc. requested court approval of a stipulation that extends its use of cash collateral to allow the company to continue to administer and wind down its estates under a Chapter 11 plan and a potential sale of some remaining assets, according to a motion filed July 28 with the U.S. Bankruptcy Court for the Western District of Texas.

Specifically, Dune requested the cash collateral use be extended to the earlier of Sept. 18 and the effective date of a plan of liquidation.

Following the July 24 maturity date of its debtor-in-possession financing, the company said the DIP agent, DIP lenders, first-lien agent and first-lien lenders consented to the continued use of cash collateral.

A hearing is scheduled for July 31.

Dune is a Houston-based energy company that filed for bankruptcy on March 9. The Chapter 11 case number is 15-10336.

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