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$1M Interim DIP Financing Approved For Monitor Oil

Law360 (December 11, 2007, 12:00 AM EST) -- A bankruptcy judge has approved Monitor Oil Plc’s request for debtor-in-possession financing, despite objections from the U.S. trustee and an ad hoc committee representing the company’s bondholders.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued an interim order for $1 million in post-petition financing on Thursday. A final hearing was scheduled for Dec. 18 for approval of up to $5 million in financing.

The initial $1 million will be provided by SOF Investments LP, which is also a...
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