Parallel Judge Won't OK Ch. 11 Structured Dismissal For Now

Law360, Wilmington (March 10, 2016, 6:40 PM EST) -- A Delaware bankruptcy judge declined Thursday to allow natural gas producer Parallel Energy LP to exit Chapter 11 through a structured dismissal right now, saying he'd like to see changes to the strategy to protect priority claims that might emerge in the case.

During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross urged Parallel to "take it slowly" on its bid to exit Chapter 11 while forgoing the typical plan confirmation process, now that its $110 million sale to a Scout Energy unit is completed. The move is contested by the U.S. Trustee's Office and federal regulators, but Judge Gross...

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