Prospect Capital Pushes To Have Gulfco's Ch. 11 Tossed

Law360, Wilmington (February 6, 2014, 2:34 PM EST) -- Prospect Capital Corp., which is a major creditor in oil drilling equipment holding company Gulfco Holding Corp.’s bankruptcy, pushed late Wednesday for the Chapter 11 case to be thrown out, five days after the debtor accused it of plotting “to steal” a nondebtor operating affiliate.

In a motion before the Delaware bankruptcy court, Prospect alleges that Gulfco filed its case in bad faith because the situation is really just a two-party dispute that’s been improperly cloaked as a Chapter 11 case.

In late January, Gulfco’s other...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.