PE Firm Urges Judge To Throw Out Gulfco's Ch. 11

Law360, Wilmington (March 20, 2014, 7:36 PM EDT) -- Prospect Capital Corp., a major creditor in oil drilling equipment holding company Gulfco Holding Corp.'s Chapter 11, urged a Delaware bankruptcy judge Thursday to throw out the entire case, arguing the debtor is simply using the Bankruptcy Code to take advantage of the court's protection.

At oral arguments on the matter in Wilmington, the private equity firm contended that Gulfco's Chapter 11 filing in November was just a “lawsuit disguised as a bankruptcy,” and that the debtor intended to use tools available under court protection to...
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