Tuscany Drilling Gets Nod On Ch. 11 Disclosure Statement

Law360, Wilmington (April 8, 2014, 8:47 PM EDT) -- A Delaware bankruptcy judge on Tuesday said that he would approve Tuscany International Drilling Inc.'s disclosure statement, allowing it to solicit votes for its Chapter 11 plan, now that secured lenders looking to make a stalking horse bid for the company had signed an asset purchase agreement.

Tuscany had presented the court with its disclosure statement Monday, but U.S. Bankruptcy Judge Kevin Gross made clear that he would not approve the document without signed finalized details of the stalking horse sale that would proceed through the Chapter 11...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.