RAAM Global Energy gets interim court approval to use cash collateral

By Mark Reccek

Bethlehem, Pa., Nov. 18 – RAAM Global Energy Co. received interim court authorization to use the cash collateral of its first-lien secured parties, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the cash collateral will be used to pay RAAM’s obligations while in bankruptcy and to preserve the going concern value of its business.

“An immediate and critical need exists for the debtors to use the cash collateral, consistent with the budget, for working capital purposes, other general corporate purposes of the debtors, and the satisfaction of costs and expenses of administrating the cases,” the order said.

A final hearing is scheduled for Dec. 2.

RAAM, a Lexington, Ky.-based oil and gas company, filed bankruptcy on Oct. 26. The Chapter 11 case number is 15-35615.

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