Bankrupt Permian Holdco won court approval of a settlement with creditors that would allow a pre-bankruptcy lender to submit up to a $25 million credit-bid for the energy service provider’s assets.
Permian, which provides containment and processing services in the oil and gas industry, also can borrow up to $5 million in a post-bankruptcy loan from the lender, New Mountain Finance Corp., according to the motion approved Tuesday by Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware.
New Mountain’s credit-bid for the assets derives from its existing $20 million pre-bankruptcy revolving loan and the ...
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