Simpson Thacher Represents Bank of Montreal in Lilis’s Bankruptcy Filing
06.30.20
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Simpson Thacher represented BMO Harris Bank N.A. (“Bank of Montreal”), as administrative agent, for the prepetition RBL lenders and DIP lenders in connection with Lilis Energy, Inc.’s (NYSE American: LLEX) Chapter 11 cases, which commenced on June 28, 2020 before Judge Marvin Isgur in the Bankruptcy Court for the Southern District of Texas. In connection with the filing, 100% of the prepetition RBL lenders signed a Restructuring Support Agreement and the non-affiliated RBL lenders committed to provide a $30 million DIP RBL facility, consisting of a $15 million new money loan and a roll-up of $15 million existing RBL Loans. The DIP RBL facility is designed to support a dual-track process consisting of a consensual plan of reorganization or a sales process.
Lilis is a publically-listed independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin.
The Simpson Thacher team included Erland Modesto, Andrew Lanius and Dylan Benac (Credit); Nicholas Baker, David Zylberberg and Cristina Liebolt (Restructuring); and Bill Russell and Thomas Cramer (Litigation).