Delta Petroleum Trustee Objects To $1.5M Breakup Fee

Law360, New York (June 4, 2012, 1:26 PM EDT) -- The U.S. trustee for bankrupt energy company Delta Petroleum Corp. on Friday objected to a $1.5 million breakup fee for Laramie Energy II LLC in the event that Delta pulls out of a reorganization plan premised on a joint venture between the two companies.

The breakup fee is not appropriate under Third Circuit law because to award a breakup fee to a potential bidder, the court must determine that the breakup fee was an actual and necessary cost and expense of preserving the estate, U.S. Trustee...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Delta Petroleum Corporation


Case Number

1:11-bk-14006

Court

Delaware

Nature of Suit

Date Filed

December 15, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.