Elk Petroleum Says Ch. 11 Case Poised For Creditor Fight

Law360, Wilmington (May 24, 2019, 7:03 PM EDT) -- Bankrupt oil and gas driller Elk Petroleum Inc. told a Delaware judge Friday that it anticipates a heated battle among creditors as it progresses through the Chapter 11 process after allowing certain preferred equity holders to convert their holdings to unsecured debt prior to filing its bankruptcy petition.

During a first-day hearing, Elk Petroleum attorney Gregory M. Wilkes of Norton Rose Fulbright said some of the preferred stockholders left out of the conversion filed a complaint in Delaware Chancery Court earlier this week asking that court to compel Elk Petroleum to convert their shares to unsecured debt as well.

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