TXCO Resources Receives Court Approval of $32MM DIP Financing Agreement



TXCO Resources has received final bankruptcy court approval of a $32 million debtor-in-possession (DIP) financing agreement. This will allow the Company to continue operations during its restructuring and preserve its leasehold assets, including drilling required to maintain certain leases.

As announced in its May 18, 2009, press release, the Company and its subsidiaries filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the Western District of Texas.
 


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