Offshore Group Investment granted interim access to cash collateral

By Caroline Salls

Pittsburgh, Dec. 4 – Offshore Group Investment Ltd. (OGIL) received interim court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its operations while in Chapter 11, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Jan. 7.

The company’s access to cash collateral under the interim order will terminate on the earliest of 11:59 p.m. ET on the 60th day after the bankruptcy filing date if a final order has not been entered, dismissal of the Chapter 11 cases or conversion of the cases to Chapter 7.

OGIL is a subsidiary of Vantage Drilling Co., an offshore drilling contractor based in Houston. OGIL filed for bankruptcy on Dec. 3 under Chapter 11 case number 15-12422.

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