Maxus Ch. 11 Plan Confirmed With Support From Creditors

Law360, Wilmington (May 22, 2017, 6:42 PM EDT) -- Bankrupt oil and gas firm Maxus Energy Corp. received court approval Monday in Delaware for its Chapter 11 plan of liquidation after reaching consensus with its creditors to create three post-bankruptcy trusts to administer its assets.

During a confirmation hearing in Wilmington, attorneys for Maxus told the court the debtor realized about three months ago that creditors were not pleased with a planned settlement with Maxus parent company YPF SA and began pursuing an alternate path. The plan confirmed Monday preserves claims against YPF for the benefit of its creditors.

"I'd like to suggest that was not an about face, not...

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