L.A. oil firm Breitburn Energy Partners has received court approval to draw on $75 million in financing to sustain itself during bankruptcy proceedings.

New York Bankruptcy Judge Stuart Bernstein ruled Thursday that the oil partnership could tap up to $75 million of a loan from its senior lenders; that loan eventually could run up to $150 million.

Breitburn filed for Chapter 11 bankruptcy protection late Sunday after attempting to stave off insolvency for months amid an oil market collapse. The oil producer has been laboring under a heavy debt load, much of which stems from a $2 billion debt-financed deal to purchase a rival Houston oil partnership in July 2014, two months before oil prices started cratering.

Even though oil prices have recovered somewhat from their lows earlier this year, the rebound to about $50 a barrel came too late to help Breitburn in its negotiations with its lenders. Those creditors were concerned about Breitburn’s ability to pay down its debt once most of its oil price hedges roll off next year; currently, much of the company’s oil sales are locked in with hedges of about $85 a barrel.

The bankruptcy filing came after a series of cost-cutting efforts by the company, including eliminating dividends and reducing capital spending by 60 percent. Breitburn also skipped interest payments of $46 million in April as it contemplated its next steps.