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Lilis Gets Extension for Borrowing Base Deficiency Payment
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Lilis Energy Inc.'s bank lending group has agreed to extend from January 24, 2020 to February 7, 2020 the due date for the initial installment payment on the borrowing base deficiency under its revolving credit agreement.
The deficiency resulted from the recently announced borrowing base cut.
Under the revised payment schedule, the revolving credit agreement requires the Company to repay the $25 million borrowing base deficiency in four equal installments of $6.25 million beginning February 7, 2020 and ending April 14, 2020.
The Company is continuing to consider transactions to fund the repayment of the borrowing base deficiency on a timely basis.
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