Regulators Fight Parallel Energy's Structured Dismissal Bid

Law360, Wilmington (March 4, 2016, 4:47 PM EST) -- U.S. regulators are fighting natural gas producer Parallel Energy LP's attempt to end its bankruptcy through a structured dismissal following a $110 million sale to Scout Energy, saying Thursday in a Delaware court filing that the proposal would only benefit the debtor's secured lenders at the expense of other stakeholders.

U.S. Trustee Andrew R. Vara, the U.S. Environmental Protection Agency and U.S. Department of the Interior are objecting to Parallel's motion to dismiss its Chapter 11 cases. Parallel argues that the structured dismissal it's proposing is prudent because there is no more value in its estate and the path it has...

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