Energy Producer Bruin E&P Gets DIP Financing Approval

Energy exploration and production company Bruin E&P Partners can begin tapping $230 million of debtor-in-possession financing that will fund operations as it reorganizes in bankruptcy court.

• The loan, approved by U.S. Bankruptcy Judge Marvin Isgur, includes $115 million of new money, with the remainder used to refinance an existing reserve-based loan
• The company’s credit agreement calls for it to borrow up to $50 million from the new-money portion after the initial approval; then up to $75 million after a final order, a hearing on which was set for Aug. 4. The remainder can be tapped during the confirmation order ...