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GMX Investors Blast $50M Ch. 11 Loan As Unfair
By Matt Chiappardi
Law360, New York (April 26, 2013, 5:43 PM ET) -- A group of preferred shareholders of bankrupt oil and gas producer GMX Resources Inc. became the latest party Thursday to object to the company’s request for $50 million in debtor-in-possession financing, arguing that the loan terms give an “unfair advantage” to secured creditors if the firm were to be sold.
Investors Brian Burr, Michael Burr, Taylor Burr, Brad Keiller and DCB Capital LLC filed their motion in Oklahoma bankruptcy court, claiming that portions of the DIP financing terms could throw off the checks and balances in...