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Elk Petroleum Lender Wants Ch. 11 Trustee To Take Over Case

Law360, Wilmington (June 12, 2019, 5:34 PM EDT) -- A secured lender in Elk Petroleum Inc.'s Delaware Chapter 11 moved to appoint an independent trustee to take control of the bankruptcy late Tuesday after branding the oil and gas producer's proposed counsel and chief restructuring officer too conflicted to serve.

The motion by lender BSP Agency LLC, which holds a $54.8 million claim secured by the oil and natural gas well and pipeline venture's U.S. parent, claimed a series of pre- and post-petition actions by the company, its board and favored creditor groups "evidences the degree of gross mismanagement that constitutes cause" for handing the case to a trustee under...

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