Bankrupt Gulfco Blasts PE Firm's Bid To Toss Ch. 11 Case

Law360, Wilmington (February 20, 2014, 9:16 PM EST) -- Gulfco Holding Corp. urged a Delaware bankruptcy judge Wednesday to reject a bid by private equity firm Prospect Capital Corp. to toss its Chapter 11 case, claiming the firm presents no valid grounds for dismissal as it tries to shift the focus from its own actions.

Senior lender Prospect moved to dismiss the case on Feb. 6, contending Gulfco filed for bankruptcy in bad faith because the bankruptcy boils down to a two-party dispute that’s been improperly cloaked as a Chapter 11 case.

Gulfco, which launched...
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