Pipeline Inspection Co. Gets Nod On Amended $5M DIP Loan
By Vince Sullivan (May 13, 2022, 5:24 PM EDT) -- Energy sector inspection company Cypress Environmental Partners LP received permission Friday to borrow up to $5 million in Chapter 11 financing after the debtor made changes to address concerns raised by a Texas bankruptcy judge earlier this week.
During a virtual hearing, U.S. Bankruptcy Judge Marvin Isgur said the alterations made to the debtor-in-possession loan documents resolved his inquiries into the loan package being provided by prepetition secured lender Argonaut Private Equity.
The changes included amending the estate's budget to reflect a new $250,000 cash pool being made available to general unsecured creditors and altering Argonaut's enforcement rights if the debtor...
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