By Tyler Losier, Energy Reporter, Oil & Gas 360

White Star receives $28.5 million in committed financing
White Star Petroleum, LLC, a privately held independent E&P headquartered in Oklahoma City, is exploring strategic alternatives after commencing voluntary Chapter 11 with the support of its primary secured creditors.

The company received $28.5 million in committed “debtor-in possession” (DIP) financing to help increase liquidity, provided by certain of its current syndicate of RBL leaders, with MUFG Union Bank as the administrative and collateral agent.

The DIP is subject to court approval, as well as a series of other motions White Star is planning to file in order to ensure its continued ability to operate as ...

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