Ursa Piceance gets final OK to access $20 million DIP financing

By Sarah Lizee

Olympia, Wash., Sept. 30 – Ursa Piceance Holdings LLC received court approval to access $20 million in debtor-in-possession financing, according to an order filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

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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