Heating Oil Firm Gets $125M In Exit Financing

Law360, New York (June 15, 2006, 12:00 AM EDT) -- With $125 million in exit financing under its belt, Heating Oil Partners LP is preparing to emerge from Chapter 11 in July, less than a year after high oil prices drove the company to insolvency.

As part of the arrangement, J.P. Morgan Chase Bank NA will serve as administrative agent, according to court documents. The package could increase to $150 million through a five-year revolving credit facility.

The development tops off a good week for the company. Bankruptcy Judge Alan H.W. Shiff approved its reorganization plan...
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