Sale-Bound Alaska Oil Co. Granted $7M Of Ch. 11 Loan

Law360 (August 12, 2019, 8:29 PM EDT) -- Bankrupt, sale-bound oil and gas producer Furie Operating Alaska LLC and its affiliates won access Monday to the first $7 million of a proposed $15 million Chapter 11 loan after a Delaware bankruptcy judge cautioned that key provisions will remain subject to challenges.

Judge Laurie Selber Silverstein zeroed in on provisions that would budget $4 million of the interim debtor-in-possession loan budget for fees incurred by prepetition lenders for the drilling rig operator, which entered Chapter 11 for an all-asset sale on Friday with $450 million in debt.

Furie would meanwhile receive $3 million for their interim budget needs — a...

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