Alaska Oil Biz Seeks New Deal After Ch. 11 Sale Goes Cold

Law360 (March 25, 2020, 6:53 PM EDT) -- Furie Operating Alaska LLC told a Delaware bankruptcy judge Wednesday that the oil and gas company's planned foreclosure sale agreement collapsed last week, sending the debtor scrambling toward a different deal with two of its three term loan lender groups.

Timothy W. Walsh of McDermott Will & Emery LLP, counsel to Furie, told U.S. Bankruptcy Judge Laurie Selber Silverstein during a teleconference hearing that the deal broke down in part over disagreements among the company's creditors.

Another sticking point was one creditor’s request for a side letter on what might happen in the context of a Chapter 7, although no other...

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