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Energy & Exploration Partners, Inc.'s Debtor‑in‑Possession Financing

On January 29, 2016, the U.S. Bankruptcy Court for the Northern District of Texas granted Fort Worth‑based Energy & Exploration Partners, Inc. (“ENXP”) approval for a $40 million debtor‑in‑possession term loan. Judge Russell Nelms approved access to the financing, which was provided on a superpriority, priming basis. The proceeds were used to repay an interim $10 million debtor‑in‑possession loan approved on December 9, 2015, and to fund working capital and general corporate purposes during the pendency of ENXP’s bankruptcy case. Cravath represented Credit Suisse, as administrative agent and collateral agent, in connection with the transaction. ENXP filed for bankruptcy on December 7, 2015, citing a sharp and protracted period of depressed commodity prices.

The Cravath team included partner Paul H. Zumbro and associates Gregory D. Beaton and Sean M. Linnehan. A Cravath team led by Paul H. Zumbro had previously represented Credit Suisse, as administrative agent and collateral agent, in connection with ENXP’s $775 million pre‑petition first‑lien credit facility.