The U.S. Bankruptcy Court approved Triangle USA Petroleum’s motion to (i) enter into and perform under an engagement letter relating to exit financing, (ii) pay fees and expenses and (iii) provide related indemnities.
As previously reported, “Pursuant to the terms of the Engagement Letter, JPMorgan has agreed to use its best efforts to syndicate a five-year, senior-secured, reserve-based revolving credit facility with an initial borrowing base of $250 million (the ‘Exit Credit Facility’). In order to reduce execution risks in consummating their restructuring, the Debtors determined, in their business judgment, it was in the best interests of their estates to negotiate and enter into a customary engagement letter with JPMorgan to induce JPMorgan to use its best efforts to syndicate the Exit Credit Facility. The Engagement Letter is an integral component of the Exit Credit Facility.”
The Court also approved Debtors motion to file under seal and redact references to confidential information in the related engagement letter.
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