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.
- Haynes and Boone Advises Newfield in TXCO Asset Purchase (Feb 15)
- Newfield, Anadarko to Buy TXCO Assets for Up to $310MM (Jan 12)
- TXCO Resources Receives Court Approval of $32MM DIP Financing Agreement (Jun 15)