Crusader Gets OK To Tap Collateral, Pay Bonuses

Law360, New York (May 8, 2009, 12:00 AM EDT) -- A judge has allowed Crusader Energy Group Inc. to extend the interim use of cash collateral and to pay noninsider employees retention incentives in the oil and gas exploration company's effort to keep functioning during its Chapter 11 proceedings.

Judge Barbara J. Houser of the U.S. Bankruptcy Court for the Northern District of Texas on Thursday approved the company’s requests to extend is use of cash collateral — with adequate protections for its lenders — and pay the bonuses to employees who stay on through the...
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