MDC Energy Strikes Deal With Lenders Over Control Of Ch. 11

Law360, Wilmington, Del. (February 4, 2020, 5:53 PM EST) -- Oil and gas well driller MDC Energy LLC told a Delaware judge Tuesday it has struck a deal with lenders over control of the company and its Chapter 11 that should enable it to get to the "real work" of restructuring its more than $500 million in debt.

During a hearing in Wilmington, MDC told U.S. Bankruptcy Judge Christopher S. Sontchi that it will soon formally file a motion to approve a stipulated settlement it reached with lenders that have been critical of what they assert are corporate governance problems and mismanagement that helped hurl the company into Chapter 11....

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