Battle Over $160M Claim Could Stall Elk Petroleum’s Ch. 11

Law360, Wilmington (September 12, 2019, 8:38 PM EDT) -- A battle between creditors posturing for position in Elk Petroleum Inc.’s Chapter 11 continues, as an equityholder committee on Thursday asked a Delaware bankruptcy judge to disallow an estimated $160 million claim by Elk’s largest secured creditor.

During a lengthy hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber Silverstein raised concerns over the continued contentious nature of the case and serious doubts as to whether Elk will be ready to seek approval of its Chapter 11 plan as scheduled next week given the creditors are still waging war.

Judge Silverstein said there seems to still be “a host of issues” remaining...

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