Zell Fund Joins In Delta Petroleum Bankruptcy Loan

Law360, Wilmington (December 19, 2011, 9:01 PM EST) -- Noteholders providing a $57.5 million loan to fund Delta Petroleum Corp.’s bankruptcy and potential sale agreed Monday to allow another noteholder — a fund owned by billionaire Sam Zell — to join in the financing package.

The natural gas exploration and development company arrived at a first-day hearing in Delaware bankruptcy court looking to approve a debtor-in-possession loan from noteholder Whitebox Advisors LLC. But Zell Credit Opportunities Master Fund LP — the company’s largest noteholder with a 36 percent stake — objected at the eleventh hour,...
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