Creditors Say EdgeMarc Ch. 11 Sale Timeline Is Too Short
Law360, Wilmington (June 10, 2019, 8:19 PM EDT) -- Unsecured creditors of bankrupt oil and gas producer EdgeMarc Energy Holdings LLC told a Delaware judge Monday that the proposed sale deadline included in post-petition financing and bidding procedure motions won't allow the debtor to realize maximum value for its assets in a Chapter 11 transaction.
In its objection, the official committee of unsecured creditors said uncertainty surrounding the debtor's Pennsylvania assets following a pipeline explosion in September 2018 as well as the value of litigation claims against the pipeline's builder create obstacles for the debtor to sell its assets for an optimal price within the two-month timeline imposed by EdgeMarc's...
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