The US Bankruptcy Court gave an order to Emerge Energy Services LP to obtain DIP financing on a final basis on August 14, 2019. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $35 million from various financial institution from time to time with HPS Investment Partners, LLC acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 8% p.a. or an alternate base rate plus 7% 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 a commitment fee of 1% p.a., closing fee of 3% of the commitment and DIP fee of 5% of the outstanding amount. The DIP facility would mature either on the six month anniversary of the Closing 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 $1 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.