Emerge Energy Can Tap $7.5M Of Its $35M Ch. 11 Financing

Law360, Wilmington (July 17, 2019, 7:43 PM EDT) -- A Delaware bankruptcy judge on Wednesday gave the go-ahead for silica sand proppant mining company Emerge Energy LP to tap into an initial $7.5 million of its $35 million new debtor-in-possession financing to fund operations during its Chapter 11.

U.S. Bankruptcy Judge Karen B. Owens signed off on an interim order for the secured post-petition financing — $7.5 million of which is set to be drawn initially — after a hearing in Wilmington. A final hearing on all of the DIP financing is set for next month. Also, proceeds from the sale of prepetition collateral are set to be rolled up...

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