August 28, 2016 5:04 PM ET

Company Overview of Diasu Oil & Gas Company, Inc.

Company Overview

Diasu Oil & Gas Company, Inc. is based in Houston, Texas. On May 29, 2016, Diasu Oil & Gas Company, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Linc USA GP.

4422 FM 1960 Road West

Suite 400

Houston, TX 77068

United States



Key Executives for Diasu Oil & Gas Company, Inc.

Diasu Oil & Gas Company, Inc. does not have any Key Executives recorded.

Diasu Oil & Gas Company, Inc. Key Developments

Bidding Procedure Approved for Linc USA GP

The US Bankruptcy Court approved the bidding procedures relating to the sale of certain assets of Linc USA GP on July 12, 2016. As per the order, bid deadline has been fixed for August 17, 2016. Auction will be held on August 23, 2016. Each qualified bid may submit successive bids in the increment of at least $0.25 million. The bidder should submit a good-faith deposit of 10% of the purchase price. Sale hearing is scheduled for August 31, 2016. Sale objection can be filed by August 26, 2016.

Final DIP Financing Approved for Linc USA GP

The US Bankruptcy Court gave an order to Linc USA GP to obtain DIP financing on final basis on July 11, 2016. As per the order, the debtor has been authorized to obtain a term loan credit facility in the amount of $10 million from lender party with Cantor Fitzgerald Securities acting as the administrative agent. The DIP loan would carry an interest rate of LIBOR plus 9% p.a. and PIK rate of 3%, with a LIBOR floor of 1% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an OID fee of 4% and exit fee of 1%. The DIP facility would mature either on 180 days from the petition date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.38 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.

Motion for Asset Sale Filed by Linc USA GP

Linc USA GP filed a motion in the US Bankruptcy Court seeking approval for the sale of certain assets on June 21, 2016. As per the motion, debtor seeks to sell certain assets to stalking horse bidder, reflecting credit bid by the first lien noteholders of $60.50 million. The assets include Wyoming Assets, the Gulf Coast Assets and the Alaska Assets. The credit bid include $34 million for Gulf Coast Assets, $1.5 million for Wyoming assets and $25 million for Alaska assets. As per the proposed bidding procedures, bid deadline has been fixed for August 10, 2016 and auction will be held on August 16, 2016. Each bid should accompany with a good-faith deposit of 10% of the purchase price. Buyer will not be entitled to any break-up fee in the case of termination of the transaction. Sale hearing is scheduled for August 18, 2016.

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