Tuscany Drilling's Ch. 11 Disclosure Needs Sale Accord: Judge

Law360, Wilmington (April 7, 2014, 8:46 PM EDT) -- Approval of Tuscany International Drilling Inc.'s disclosure statement for its Chapter 11 plan remained in limbo Monday after a Delaware bankruptcy judge said he would not OK the document without a signed asset purchase agreement from secured lenders expected to make a stalking horse bid for the company.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross appeared to side with some of the objections to the disclosure statement that the official committee of equity security holders had lodged, chiefly that the document did not...
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