Luca International granted final approval of $2 million DIP facility

By Caroline Salls

Pittsburgh, Sept. 1 – Luca International Group LLC obtained final court approval of a $2 million debtor-in-possession facility, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Schumann/Steier Holdings, LLC is the DIP lender.

Interest on the DIP loan will be Libor plus 1,500 basis points with a 3% Libor floor.

The facility will mature in one year.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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