Parallel Energy gets final court approval of $9.4 million DIP facility

By Caroline Salls

Pittsburgh, Dec. 2 – Parallel Energy LP received final court approval to access $9.4 million in debtor-in-possession financing to support its continued operation, according to an order filed Dec. 2 with the U.S. Bankruptcy Court for the District of Delaware.

The company said the financing, combined with cash generated from ongoing operations, will provide sufficient liquidity to support the business during the proceedings.

Canadian Imperial Bank of Commerce is the administrative and collateral agent.

The financing will mature on Feb. 4. Interest will be 10¼%.

Calgary, Alta.-based Parallel Energy invests in oil and natural gas reserves and production. The company filed bankruptcy on Nov. 9 under Chapter 11 case number 15-12263.

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