Permian's Creditor Settlement Paves Way For Ch. 11 Sale

Law360 (September 15, 2020, 7:49 PM EDT) -- Oil and gas services firm Permian Tank & Manufacturing Inc. received court approval Tuesday in Delaware for a settlement with unsecured creditors that will allow a Chapter 11 sale process to move forward with the creditors' support.

During a virtual hearing, debtor attorney M. Blake Cleary of Young Conaway Stargatt & Taylor LLP said the official committee of unsecured creditors would drop its opposition to a proposed sale to New Mountain Finance Corp. in exchange for an increased investigation budget and a pledge from the buyer to leave behind certain causes of action in the estate.

He said the deal eliminates...

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