Eagle Valley Development gets approval of $600,000 DIP facility

By Sarah Lizee

Olympia, Wash., Feb. 17 – Eagle Valley Development, LLC received final approval of a $600,000 debtor-in-possession facility, according to an order filed with the U.S. Bankruptcy Court for the Western District of Texas.

Prepetition lender AB Eagle Holdings, LLC is the DIP lender.

The facility is set to mature on April 12, subject to earlier termination if certain events occur.

Interest is 10% per annum, or 12% per annum after the occurrence of an event of default.

The company also received final approval to access cash collateral.

Austin, Tex.-based Eagle Valley Development is an oil and natural gas company. The company filed bankruptcy on Jan. 27 under Chapter 11 case number 23-10035.

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