The US Bankruptcy Court gave an order to Erin Energy Corporation to obtain DIP financing on an interim basis on June 25, 2018. As per the order, the debtor has been authorized to obtain a DIP Loan in the amount of $1.1 million from Greg Holcombe. The DIP loan would carry an interest rate of 10% p.a., along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on December 22, 2018, 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 $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.