HighPoint gets interim access to cash collateral of secured lenders

By Sarah Lizee

Olympia, Wash., March 17 – HighPoint Resources Corp. received interim approval to use the cash collateral of its pre-bankruptcy secured lenders, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Without the cash collateral, the debtors would be unable to satisfy employee compensation obligations, satisfy trade payables, preserve and maximize the value of their estates and fund the administration of the Chapter 11 cases, the company’s motion had said.

The debtors’ right to use the cash collateral under the interim order will terminate 15 days after the petition date if a final order has not been entered by then.

A final hearing is scheduled for March 29.

Denver-based HighPoint is a company focused on the development of oil and gas assets located in the Denver-Julesburg Basin of Colorado. The company filed bankruptcy on March 14 under Chapter 11 case number 21-10565.

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