New Source Energy Hits Ch. 7 Listing Over $50M In Debt
Law360, Wilmington (March 15, 2016, 10:13 PM EDT) -- Oklahoma-based oil producer New Source Energy Partners LP and an affiliate filed for Chapter 7 liquidation in Delaware on Tuesday, listing more than $50 million in debt months after shareholder litigation purported the company was under “crippling financial pressure” from a contract dispute.
In papers filed with the Delaware bankruptcy court, New Source Energy Partners LP and New Source Energy GP LLC listed between $50 million and $100 million in debt against the same in assets in a sparse petition that only included a corporate ownership statement and the board’s resolution to go ahead with the filing.
The resolution did appoint...
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