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Red Mountain Capital Affiliate Backs Yuma Energy Restructuring with $2MM Boost

December 03, 2019, 08:00 AM
Filed Under: Energy

Yuma Energy, Inc. announced that the Company and certain of its subsidiaries have entered into an amended and restated Credit Agreement with its lender, YE Investments LLC, an affiliate of Red Mountain Capital Partners, LLC.  The Credit Agreement provides for an additional three-year senior secured delayed-draw term loan of up to $2.0 million with a maturity date of September 30, 2022 and was entered into in conjunction with the Restructuring and Exchange Agreement dated September 30, 2019, by and among Yuma, Red Mountain and certain of their affiliates.

The latest agreement provides capital availability subject to the terms of the Credit Agreement where advances are made at the sole discretion of the lender.

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer of Yuma commented, "With the cooperation of Red Mountain, we continue to drive our restructuring process.  Importantly, access to the funds under the Credit Agreement will allow us to conduct oil and gas production enhancement operations while our efforts in restructuring our balance sheet and capital structure continue."

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