MLCJR LLC – Privately-Held Gulf of Mexico E&P Cox Oil, Buffeted by Low Commodity Prices and then (as a result of Disastrous Hedging Arrangements) by High Commodity Prices, Gets Court Authority to Access $75mn ($50mn Interim) of New Money DIP Financing
May 16, 2023 – The Court hearing the MLCJR LLC cases has given the Debtors authority to: (i) access $75.0mn in new money debtor-in-possession (“DIP”) financing (including $50.0mn on an interim basis) to be provided by prepetition lenders BP Energy Company (“bpec”) and Amarillo National Bank (“ANB,” and together with bpec, the “DIP Lenders”) and…