Lone Pine Seeks Nod To Enter $40M Hedge Agreements

Law360, Wilmington (December 09, 2013, 4:46 PM ET) -- Canadian energy firm Lone Pine Resources Inc. asked a Delaware bankruptcy judge Monday to approve up to $40 million in hedging agreements, a prerequisite for the Calgary-based company to finalize a new $130 million loan.

Lone Pine sought court protection in Canada and the U.S. in September aiming to restructure its debt, subsequently negotiating a new $130 million asset-based loan that requires the debtor to enter into $40 million in commodity hedge arrangements covering oil and gas production prices, according to Monday's motion.

Lone Pine's commodity...
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