Item 1.01 Entry Into Material Definitive Agreement.
As previously disclosed, on June 28, 2020, Lilis Energy, Inc., a Nevada
corporation (the "Company"), and its consolidated subsidiaries Brushy Resources,
Inc., ImPetro Operating LLC, ImPetro Resources, LLC, Lilis Operating Company,
LLC and Hurricane Resources LLC (collectively, the "Filing Subsidiaries") filed
voluntary petitions seeking relief under Chapter 11 of Title 11 of the United
States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for
the Southern District of Texas, Houston Division (the "Bankruptcy Court")
commencing cases for relief under Chapter 11 of the Bankruptcy Code (the
"Chapter 11 Cases"). In connection with the Chapter 11 Cases, on June 30, 2020,
the Company entered into that certain Senior Secured Super-Priority
Debtor-in-Possession Credit Agreement (the "DIP Credit Agreement") with the
Filing Subsidiaries, as guarantors, BMO Harris Bank N.A., as administrative
agent (the "Administrative Agent"), and the lenders party thereto (the
"Lenders").
On August 17, 2020, the Company, the Filing Subsidiaries, the Administrative
Agent and the Lenders entered into a First Amendment (the "First Amendment") to
the DIP Credit Agreement. The First Amendment, among other things, amends the
covenant therein with respect to the satisfaction of certain milestones during
the course of the Chapter 11 Cases, by extending the date of certain of such
milestones, including milestones relating to Bankruptcy Court approvals of
certain orders, a Chapter 11 plan of reorganization and related documentation.
The foregoing description of the First Amendment does not purport to be complete
and is qualified in its entirety by reference to the full text of the First
Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
Item 9.01 Exhibits.
(d) Exhibits.
Exhibit Number Description
First Amendment to Senior Secured Super-Priority
Debtor-in-Possession Credit Agreement dated as of August 17, 2020,
among Lilis Energy Inc., the guarantors party thereto, BMO Harris
10.1 Bank N.A., as administrative agent, and the lenders party thereto.
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