Offshore Group Investment gets final approval to use cash collateral

By Mark Reccek

Bethlehem, Pa., Jan. 11 – Offshore Group Investment Ltd. (OGIL) received final 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 company’s access to cash collateral will terminate on the date the final order no longer is in effect, dismissal of the Chapter 11 cases or conversion of the cases to Chapter 7.

The order said the cash collateral will be used for working capital, as well as costs and expenses associated with administering the cases.

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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