Milagro Oil Gets Interim Approval Of $15M DIP

Law360, Wilmington (July 17, 2015, 3:47 PM EDT) -- A Delaware bankruptcy judge on Friday blessed a slate of first-day motions for Milagro Oil & Gas Inc.,  including interim approval of $15 million in debtor-in-possession financing designed to keep the energy company running while it presses ahead with a proposed Chapter 11 plan.

U.S. Bankruptcy Judge Kevin Gross signed off on the interim financing order at a hearing in Wilmington, giving Milagro access to $11 million from a $15 million DIP credit facility and the ability to tap cash collateral.

“There are no other choices, and terms of the DIP loan are clearly in the best interest of the debtors,”...

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