Samson Gets OK To Tap Cash Collateral In $4.2B Bankruptcy
Law360, Wilmington (September 18, 2015, 10:44 PM EDT) -- Oil and gas driller Samson Resources Corp. won a Delaware bankruptcy judge's blessing Friday to tap cash collateral to continue operations as it embarks on Chapter 11 restructuring to shed nearly three quarters of its $4.2 billion debt.
U.S. Bankruptcy Judge Christopher S. Sontchi said he would enter an order allowing the Tulsa, Oklahoma, company access to up to $485 million in cash with the consent of a majority of its second-lien lenders.
Judge Sontchi initially refused to consider the cash collateral motion as counsel for the first-lien lenders argued objections over details of an adequate protection package offered as part...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!