Black Elk Energy cash collateral use extended through Nov. 24

By Caroline Salls

Pittsburgh, Nov. 10 – Black Elk Energy Offshore Operations LLC’s cash collateral use has been extended through Nov. 24 from Nov. 8, according to an order issued Tuesday by the U.S. Bankruptcy Court for the Southern District of Texas.

If the company and an informal group of 13% senior noteholders reach an agreement on the terms of either extended cash collateral use or additional financing and the company files a motion for approval of that agreement by Nov. 20, the cash collateral use will be automatically extended to Dec. 2.

If a financing motion is not filed by Nov. 20, an interim cash collateral hearing will be held on Nov. 24 and a final hearing on Dec. 2.

Black Elk Energy is a Houston-based oil and gas company that filed for bankruptcy on Sept. 15. The Chapter 11 case number is 15-34287.

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