Bankrupt Tuscany Drilling Gets OK For Sale Plan, $70M DIP

Law360, Wilmington (March 21, 2014, 8:12 PM EDT) -- A Delaware bankruptcy judge gave the thumbs up Friday to a $70 million debtor-in-possession loan for Tuscany International Drilling Inc., as well as a restructuring support agreement with the bulk of its lenders, indicating he would approve the debtor's sale plan despite objections from the equity committee.

U.S. Bankruptcy Judge Kevin Gross said he was convinced that bid procedures to sell the assets of the oil and gas exploration support firm were appropriate. Tuscany could see a consortium of prepetition lenders act as stalking horse with...
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