Item 1.01 Entry Into Material Definitive Agreement.
As previously disclosed, on June 28, 2020, Lilis Energy, Inc., a Nevada
corporation (the "Company"), and its consolidated subsidiaries Brushy Resources,
Inc., ImPetro Operating LLC, ImPetro Resources, LLC, Lilis Operating Company,
LLC and Hurricane Resources LLC (collectively, the "Filing Subsidiaries") filed
voluntary petitions seeking relief under Chapter 11 of Title 11 of the United
States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for
the Southern District of Texas, Houston Division (the "Bankruptcy Court")
commencing cases for relief under Chapter 11 of the Bankruptcy Code (the
"Chapter 11 Cases"). In connection with the Chapter 11 Cases, on June 30, 2020,
the Company entered into that certain Senior Secured Super-Priority
Debtor-in-Possession Credit Agreement (as amended, the "DIP Credit Agreement")
with the Filing Subsidiaries, as guarantors, BMO Harris Bank N.A., as
administrative agent (the "Administrative Agent"), and the lenders party thereto
(the "Lenders").
On August 28, 2020, the Company, the Filing Subsidiaries, the Administrative
Agent and the Lenders entered into a Third Amendment (the "Third Amendment") to
the DIP Credit Agreement. The Third Amendment, among other things, amends the
covenant therein with respect to the satisfaction of a milestone during the
course of the Chapter 11 Cases, by extending the date by which an approved plan
of reorganization and disclosure statement must be filed.
The foregoing description of the Third Amendment does not purport to be complete
and is qualified in its entirety by reference to the full text of the Third
Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
Item 9.01 Exhibits.
(d) Exhibits.
Exhibit Number Description
Third Amendment to Senior Secured Super-Priority
Debtor-in-Possession Credit Agreement dated as of August 28, 2020,
among Lilis Energy Inc., the guarantors party thereto, BMO Harris
10.1 Bank N.A., as administrative agent, and the lenders party thereto.
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