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Bonanza Creeks requests access to cash collateral to fund operations
By Caroline Salls
Pittsburgh, Jan. 5 Bonanza Creek Energy, Inc. requested court approval to use the cash collateral of its pre-bankruptcy secured parties, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
The debtors likewise will suffer immediate and irreparable harm if they cannot use the non-cash prepetition collateral which includes their oil and gas reserves in ongoing operations, the motion said.
The proposed cash collateral use is based on a 13-week budget.
The Denver-based oil and natural gas company filed bankruptcy on Jan. 4. The Chapter 11 case number is 17-10015.
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