Green Field Energy Services Inc., the oil-field service provider that defaulted on a loan last month, received court approval to borrow as much as $15 million, allowing the company to operate while it’s in bankruptcy, Bloomberg News reported yesterday. Bankruptcy Judge Kevin Gross approved financing for the company, which filed for bankruptcy on Oct. 27. Green Field will return to court to seek approval of the rest of a $30 million debtor-in-possession loan from lenders including GB Credit Partners LLC and ICON Capital LLC.
