Parallel Energy Driven Into Ch. 11 By Oil Prices

Law360, Wilmington (November 9, 2015, 3:40 PM EST) -- Oil and gas producer Parallel Energy LP sought Chapter 11 protection Monday, becoming another victim of the historic downturn in crude prices and looking to pull off a quick auction that has a Scout Energy Group unit putting in a $110 million stalking horse bid.

In papers filed with the Delaware bankruptcy court, Parallel listed roughly $220 million in assets against more than $160 million in liabilities, most of which is secured debt from a syndicate of lenders including the Canadian Imperial Bank of Commerce, Royal Bank of Canada, the Bank of Nova Scotia and Wells Fargo Bank NA.

Parallel filed...

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