Aurora gets loan forbearance until April 30

By Sara Rosenberg

New York, Feb. 18 - Aurora Oil & Gas Corp. entered into a forbearance agreement under its senior secured credit facility, in which lenders have agreed to keep from acting on certain defaults until after April 30, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Under the agreement, the company pledged substantially all of its assets not previously pledged to the lenders and provided other non-financial concessions.

Also, the company must maintain a liquidity position of at least $4 million during the forbearance period.

The forbearance is effective as of Feb. 12.

BNP Paribas is the administrative agent on the deal.

Aurora is a Traverse City, Mich.-based independent energy company.

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