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Ursa Piceance secures interim access to $5 million of DIP financing
By Caroline Salls
Pittsburgh, Sept. 4 – Ursa Piceance Holdings LLC received court approval to access $5 million of a proposed $20 million in debtor-in-possession financing on an interim basis, according to an order filed Thursday in the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for Oct. 1.
The company said the financing is comprised of a $10 million new-money facility and a $10 million rollup of pre-bankruptcy loan obligations and is being provided by agent Wells Fargo Bank, NA and other lenders.
The DIP loan will mature in five months.
The non-default interest rate is 4%.
Ursa is a Denver-based private energy company engaged in the development and production of oil and gas in the Piceance Basin, principally in rural areas of Western Colorado. The Chapter 11 case number is 20-12065.
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