Rincon Island eyes court approval to access $10 million DIP facility

By Caroline Salls

Pittsburgh, Aug. 25 – Rincon Island LP requested court approval to obtain up to $10 million in debtor-in-possession financing from debtor affiliate GIT, Inc., according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

The company said the financing will be used to fund operations.

Interest on the DIP loan will accrue at a rate of 8%.

The facility will mature on Sept. 8, 2017.

Rincon Island, a Santa Maria, Calif.-based oil and gas production company, filed bankruptcy on Aug. 8. The Chapter 11 case number is 16-33174.

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