Erin Energy Corp. is seeking permission from a judge to take on a $1.1 million bankruptcy loan that the oil-and-gas producer says that it needs to avoid potential liquidation, WSJ Pro Bankruptcy reported. Erin Energy filed an emergency motion Friday in the U.S. Bankruptcy Court in Houston seeking permission from a judge to take on the loan. The money would be provided by an individual, Greg Holcombe. The Houston-based company said that it has already reduced its staff to the minimum needed to preserve its assets and that if the company isn’t given access to the financial lifeline it “will not have sufficient funds to finance these minimum operations and will be forced to cease all corporate activities.” The company said it would likely be forced to liquidate without continued financing. A judge is scheduled today to consider the request to enter into the loan.
