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...

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