The U.S. Bankruptcy Court approved Triangle USA Petroleum’s motion for exit financing syndicated by JPMorgan in the form of a $250 million five-year, senior-secured revolving credit facility, as part of the company’s plan to exit Chapter 11.
In order to reduce execution risks, the debtors determined it was in the best interests of their estates to negotiate and enter into a customary engagement letter – which the court approved – with JPMorgan to induce JPMorgan to use its best efforts to syndicate the facility.
