The US Bankruptcy Court gave an order to Fieldwood Energy LLC to obtain DIP financing on an interim basis on August 5, 2020. As per the order, the debtor has been authorized to obtain a term loan facility in the total amount of not exceed $100 million out of it $10 million along with additional $15 million will be given on basis of interim order, from Cantor Fitzgerald Securities acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR (subject to a 1% floor) + 8.75% per annum, or ABR + 7.75%, in each case payable monthly in cash, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an upfront fee in an amount equal to 3.00% of the DIP Commitments, An unused commitment fee equal to 3.00% per annum, and backstop fee in an amount equal to 4.00% of the DIP Commitments. The DIP facility would mature either on August 03, 2021, or earliest of the date filing 12 months after the Petition Date, the effective date of any chapter 11 plan for the reorganization of the Borrower or any other Debtor, the consummation of a sale or other disposition of all or substantially all, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Final Hearing is scheduled for August 24, 2020.