Lilis Energy requests approval of $20 million replacement DIP loan

By Caroline Salls

Pittsburgh, July 29 – Lilis Energy, Inc. requested court approval to obtain $20 million in replacement debtor-in-possession financing, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The Varde Fund XI (Master) LP is the agent for the replacement financing, which will be used to repay Lilis’s initial DIP facility and for working capital and general corporate purposes.

The replacement facility will mature six months from the execution date.

Interest will accrue at Libor plus, 1,150 basis points, and will be paid-in-kind, capitalized and added to the principal amount of the replacement DIP loans.

A hearing is scheduled for Aug. 18.

Lilis is a Fort Worth-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin. The company filed bankruptcy on June 28 under Chapter 11 case number 20-33274.

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