Emerge Energy Gets OK To Use $35M Ch. 11 DIP Loan

Law360, Wilmington (August 14, 2019, 12:47 PM EDT) -- A Delaware bankruptcy judge on Wednesday gave final approval for Emerge Energy LP to use $35 million in debtor-in-possession financing in its Chapter 11 after the loan's terms were tweaked to resolve concerns unsecured creditors raised about lender liens.

After a hearing in Wilmington, U.S. Bankruptcy Judge Karen B. Owens signed off on the final order for the $35 million senior secured revolving DIP credit facility, which is being administered by HPS Investment Partners LLC.

Last month, Judge Owens had given interim approval for the silica sand proppant mining company to tap into $7.5 million of the DIP financing. Proceeds from...

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