Lilis Energy Inks Settlement With Equity Holder, Creditors

Law360 (October 22, 2020, 6:58 PM EDT) -- Oil and gas production company Lilis Energy Inc. on Thursday told a Texas bankruptcy court it had inked a $3.75 million deal to settle the claims of the preferred equity holder whose refusal to commit to a new money investment put the company on a path to a sale.

At a remote hearing, Lilis told U.S. Bankruptcy Judge Marvin Isgur that the global settlement with Varde Partners Inc. and a lender group will also guarantee $600,000 for unsecured creditors and enhance the company's sale value by simplifying its agreements with Varde.

Lilis filed for bankruptcy in June with $251 million in debt, saying...

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