Milagro Gets Green Light For White Oak Restructuring Pact

Law360, New York (August 18, 2015, 10:14 PM EDT) -- A Delaware bankruptcy judge approved a pact between Milagro Oil & Gas Inc. and lenders Monday that would transfer most of its energy assets to a longtime suitor in exchange for $120 million in cash and $97 million in equity.

The proceeds of the exchange would be used to repay the Gulf Coast oil and gas producer's $15 million DIP loan and senior lenders in full, while giving second lien noteholders a share of equity in the reorganized company.

Under the restructuring support agreement U.S. Bankruptcy Judge Kevin Gross approved Monday, the second lien noteholders would receive substantially less than full...

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