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Midland Basin Operator Files for Bankruptcy
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Approach Resources Inc. has filed for bankruptcy.
The process will explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process.
Secures DIP FinancingThe Company also announced that it has received a commitment from its pre-petition lenders for $16.5 million in new money "debtor-in-possession" (DIP) financing.
The Company expects to use its available cash along with proceeds of the DIP financing to pay the expenses of Chapter 11 and to provide additional liquidity. The Company will continue to operate without interruption and anticipates having sufficient liquidity to timely pay all employees, vendors and suppliers for services and products provided during the Chapter 11…
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