Drilling Holding Co. Hits Ch. 11 Amid Control Fight At Unit

Law360, Wilmington (December 4, 2013, 7:25 PM EST) -- An attorney for oil drilling equipment holding company Gulfco Holding Corp. told a Delaware bankruptcy judge Wednesday that the company filed for Chapter 11 protection in a bid to negate a lender takeover of its nondebtor operating affiliate Gulf Coast Machine & Supply Co.

Attorney Michael J. Barrie of Benesch Friedlander Coplan & Aronoff LLP told U.S. Bankruptcy Judge Brendan L. Shannon that Gulfco intends to file a motion requesting enforcement of bankruptcy's automatic stay against lender Prospect Capital Corp., which is owed nearly $41 million....
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