Elk Petroleum's Creditor Valuation Deal Approved In Delaware

Law360, Wilmington (July 25, 2019, 4:20 PM EDT) -- Bankrupt oil and gas driller Elk Petroleum Inc. received court approval Thursday for a settlement deal with creditors and equity holders that avoids their request for a Chapter 11 trustee and addresses valuation concerns by running an asset marketing process.

During a hearing in Wilmington, debtor attorney Gregory M. Wilkes of Norton Rose Fulbright said the settlement resolved the efforts of a committee of preferred equity holders and secured creditor BSP Agency LLC to have a trustee appointed to oversee the Chapter 11 case of Elk Petroleum over concerns about prepetition actions.

The motions had been pending for several weeks, and...

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