PE-Backed Oil Co. Gets Interim OK For $16M DIP Loan

Law360, Wilmington (October 31, 2013, 7:05 PM ET) -- A Delaware bankruptcy judge gave the interim nod Thursday to private equity-backed oil firm Goldking Holdings LLC's $16 million post-petition loan, but some significant fights may lie ahead in the case as the company's former CEO questioned why the filing occurred in Delaware and the validity of the petition itself.

In a hearing in Wilmington, an attorney for former Goldking CEO Leonard C. Tallerine Jr. — who owns a nearly 6 percent stake in the company through an entity called Goldking LT Capital Corp. — said...
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