Lilis’s Bankruptcy Filing

Simpson Thacher represented BMO Harris Bank N.A. (“Bank of Montreal”), as administrative agent, for the prepetition RBL lenders and DIP lenders in connection with Lilis Energy, Inc.’s Chapter 11 cases.

Lilis Energy, Inc.’s (NYSE American: LLEX) Chapter 11 cases, commenced on June 28, 2020 before Judge Marvin Isgur in the Bankruptcy Court for the Southern District of Texas.

In connection with the filing, 100% of the prepetition RBL lenders signed a Restructuring Support Agreement and the non-affiliated RBL lenders committed to provide a $30 million DIP RBL facility, consisting of a $15 million new money loan and a roll-up of $15 million existing RBL Loans. The DIP RBL facility is designed to support a dual-track process consisting of a consensual plan of reorganization or a sales process.

Lilis is a publically-listed independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin.

Simpson Thacher represented BMO Harris Bank N.A. with a team including Erland Modesto (Picture), Andrew Lanius and Dylan Benac (Credit); Nicholas Baker, David Zylberberg and Cristina Liebolt (Restructuring); and Bill Russell and Thomas Cramer (Litigation).

Involved fees earner: Nicholas Baker – Simpson Thacher & Bartlett; Dylan Benac – Simpson Thacher & Bartlett; Thomas Cramer – Simpson Thacher & Bartlett; Andrew Lanius – Simpson Thacher & Bartlett; Cristina Liebolt – Simpson Thacher & Bartlett; Erland Modesto – Simpson Thacher & Bartlett; William Russell – Simpson Thacher & Bartlett; David Zylberberg – Sullivan & Cromwell;

Law Firms: Simpson Thacher & Bartlett; Sullivan & Cromwell;

Clients: BMO Harris Bank N.A.;

Author: Ambrogio Visconti