Miller Energy interim cash collateral use approved; DIP loan deferred

By Caroline Salls

Pittsburgh, Oct. 13 – Miller Energy Resources Inc. obtained interim court approval to use cash collateral to help fund its operations while in bankruptcy, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Alaska.

The final hearing is scheduled for Nov. 10.

The order also defers the incurrence of the company’s proposed debtor-in-possession financing. As previously reported, Miller obtained a $20 million DIP facility that it plans to use along with cash on hand, cash from operating activities and expected state cash tax credit receipts to fund its operations while it restructures.

The cash collateral use is scheduled to expire 45 days from the bankruptcy filing date, unless continued use deemed necessary for Miller’s successful operations and reorganization has been approved by a final order.

Miller Energy is a Houston-based oil and natural gas production company focused on Alaska. The company filed for bankruptcy on Oct. 1 under Chapter 11 case number 15-00236.

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