Storm Cat Energy looks to increase DIP borrowings, extend maturity

By Caroline Salls

Pittsburgh, Dec. 1 - Storm Cat Energy (USA) Corp. requested court approval to extend its debtor-in-possession facility's maturity to Feb. 28 and increase the authorized principal amount of the loan to $19.7 million from $18.3 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Colorado.

The company is also seeking court approval to continue using cash collateral.

According to the motion, the company's plan of reorganization will not take effect before the current Dec. 31 maturity date.

As a result, Storm Cat said it needs continued funding and access to cash collateral beyond that date.

Storm Cat, with headquarters in Denver and Calgary, Alta., filed for bankruptcy on Nov. 10, 2008. The Chapter 11 case number is 08-27887.

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