Judge Approves NAPC's $98M Ch. 11 Settlement

Law360, New York (September 15, 2011, 7:28 PM EDT) -- A Delaware bankruptcy judge on Wednesday signed off on North American Petroleum Corp.'s Chapter 11 plan that hinged on a $98 million settlement with its lenders and its business partner, Equal Energy Inc.

U.S. Bankruptcy Judge Christopher S. Sontchi approved the gas producer's reorganization plan and smoothed over an objection by the Internal Revenue Service by clarifying that nothing in the plan would prevent the government from pursuing federal tax liabilities.

Under the plan, the company will emerge as Reorganized NAPC with an infusion of $3...
To view the full article, register now.