James A. Watt was named Warren Resources chief restructuring officer, in addition to his roles as president and CEO. Warren continues to engage in discussions with its creditors regarding a restructuring.
Warren Resources announced its lender syndicate has increased its borrowing base to $175 million. Bank of Montreal was shown to be the administrative agent and LC issuer on the transaction.
Warren Resources’ lender syndicate increased the company’s conforming borrowing base to $165 million. Bank of Montreal served as syndicate agent in the lender group.
Warren Resources said the syndicate of lenders, led by Bank of Montreal as agent underwriting the company’s senior secured credit facility, has increased the conforming borrowing base to $145 million.
Warren Resources announced that Bank of Montreal, as syndicate agent, as well as a group of lenders underwriting the company’s $300 million senior secured credit facility has increased the borrowing base to $140 million.