Maxus Energy secures approval to access $63.1 million DIP facility

By Caroline Salls

Pittsburgh, Aug. 19 – Maxus Energy Corp. obtained final court approval of a $63.1 million debtor-in-possession financing facility from YPF Holdings, Inc., according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company said the DIP financing will provide adequate funding for the Chapter 11 cases for 12 months, thereby allowing it to continue with its ongoing remediation obligations and ultimately implement a value-maximizing reorganization that will benefit creditors.

The DIP facility is comprised of a $28.75 million tranche A facility and a $34.35 million tranche B facility.

Interest will accrue at 7%, and the facility will mature on June 30, 2017.

Maxus must pay a 2% commitment fee on undrawn amounts.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed bankruptcy on June 17 under Chapter 11 case number 16-11501.

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