Rincon Island $10 million DIP loan approved by court on final basis

By Caroline Salls

Pittsburgh, Sept. 21 – Rincon Island LP received court approval of a $10 million debtor-in-possession facility, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Debtor affiliate GIT, Inc. is the DIP financing lender.

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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