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Commercial Law Keyed to Zierdt, 1st Ed.
In re Ecco Drilling Co., Ltd.
Citation:
390 B.R. 221 (2008)Facts
In 2006, Ecco Drilling Company sought financing to expand its oil and gas drilling operations by acquiring additional drilling rigs. After unsuccessful attempts to secure conventional financing, Ecco entered into agreements with Bernard National Loan Investors (a subsidiary of D.B. Zwirn Special Opportunities Fund) structured as finance leases. Under these agreements, Zwirn provided $42.3 million for Ecco to acquire and complete several drilling rigs. The agreements required Ecco to make 48 monthly payments totaling $56 million over four years, fully amortizing the debt plus a 14% return. The agreements included a purchase option allowing Ecco to buy the equipment at the end of the term for 15% of the greater of the equipment’s value or a percentage of Ecco’s going concern value. Ecco made only one payment before filing for bankruptcy protection in November 2007, after which it sought to recharacterize the purported leases as disguised secured transactions.
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