Elk Petroleum Nears Deal With Creditors Over Ch. 11 Trustee

Law360, Wilmington (July 8, 2019, 4:59 PM EDT) -- Attorneys for bankrupt oil and gas driller Elk Petroleum Inc. told a Delaware bankruptcy court judge Monday that it was nearing the final terms of a settlement arrangement that would resolve a request from a secured creditor to appoint a Chapter 11 trustee to oversee the debtor's cases.

During a status conference, Elk Petroleum attorney Gregory M. Wilkes of Norton Rose Fulbright said the debtor had agreed to add two independent directors to its board and to form a conflicts committee that can investigate claims and causes of action related to a preferred equity conversion transaction and any other potentially conflicted...

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