Saratoga Wins Approval Of Ch. 11 Plan

By Erin Marie Daly

Law360, New York (December 03, 2009, 5:51 PM ET) -- Oil and gas exploration company Saratoga Resources Inc. inched one step closer to emerging from Chapter 11 bankruptcy on Thursday, gaining court approval of a reorganization plan that includes a deal with its secured lenders regarding a financial restructuring.

Judge Robert Summerhays of the U.S. Bankruptcy Court for the Western District of Louisiana signed off on the company's second amended plan of reorganization on Wednesday, setting the stage for Saratoga to exit from bankruptcy with payment in full for all its creditors and preservation of the...
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