Castex Unsecured Creditors Ask For More Info In Ch. 11 Docs

Law360 (April 9, 2021, 5:28 PM EDT) -- The official committee of unsecured creditors in the bankruptcy case of oil and gas driller Castex Energy objected to the debtor's Chapter 11 disclosure statement Friday, telling a Texas court that the document doesn't provide sufficient information for creditors to cast an informed vote on the proposed plan.

In the objection, the committee said the filed Chapter 11 plan contemplates the creation of a liquidation trust that will be tasked with winding down certain of Castex's drilling operations, with unsecured creditors receiving the proceeds of the trust after well-plugging obligations and priority claims are satisfied.

But the disclosure statement doesn't provide...

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