Elk Petroleum To Rescind $55M Stock Swap In Ch. 11 Deal
Law360 (September 26, 2019, 2:20 PM EDT) -- Elk Petroleum filed a motion in Delaware late Wednesday to rescind a $55 million stock swap deal that jeopardized the oil and gas venture's $270 million Chapter 11 reorganization, in one of the keystones to a pending global settlement with mutinying creditors and equity holders.
The settlement, aimed at heading off plan challenges, liability and clawback suits, as well as a move to merge affiliates into a consolidated, asset-blended case, includes withdrawal of a related Chancery Court case by Oct. 1, following rescission of the stock exchange deal.
“The parties intend for the stipulation and the obligations flowing therefrom to restore...
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