Laramie Cleared To Sponsor Delta Petroleum's Ch. 11 Plan

Law360, Wilmington (May 8, 2012, 7:49 PM EDT) -- Delta Petroleum Corp. won bankruptcy court approval Tuesday to partner with Laramie II LLC on a reorganization plan premised on a joint venture between the two natural gas exploration and development companies.

At a court hearing in Delaware, U.S. Bankruptcy Judge Kevin J. Carey cleared Delta’s selection of Laramie as a so-called plan sponsor. Under the anticipated plan, Laramie will pay Delta $75 million, and the two companies will contribute their primary oil and natural gas assets in Colorado’s Piceance Basin to the joint venture, Piceance...
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