May 20, 2021
A Chapter 11 litigation trustee for remnants of Elk Petroleum Inc. and its affiliates has sued four former top officers in Delaware's bankruptcy court on eight counts seeking damages ranging from $2.5 million to $32 million for financial "pilfering" and "gross" pre-bankruptcy governance failures.
October 04, 2019
Colorado-based oil and gas producer Elk Petroleum Inc. secured Chapter 11 confirmation for its two main affiliates Friday under an uncontested amended plan that capped nearly five months of battling in Delaware's bankruptcy and Chancery courts.
September 26, 2019
Elk Petroleum filed a motion in Delaware late Wednesday to rescind a $55 million stock swap deal that jeopardized the oil and gas venture's $270 million Chapter 11 reorganization, in one of the keystones to a pending global settlement with mutinying creditors and equity holders.
September 20, 2019
Elk Petroleum Inc. told the Delaware bankruptcy court Friday it has hashed out a deal as to how assets will be divvied up among its affiliated entities to resolve a challenge to its Chapter 11 waged by preferred equity holders during a long hearing that got off to a tense start.
September 12, 2019
A battle between creditors posturing for position in Elk Petroleum Inc.'s Chapter 11 continues, as an equityholder committee on Thursday asked a Delaware bankruptcy judge to disallow an estimated $160 million claim by Elk's largest secured creditor.
July 30, 2019
The proposed bidding procedures of bankrupt oil and gas driller Elk Petroleum Inc. received court approval Tuesday in Delaware, but only after a bankruptcy judge said secured lenders wishing to take part in the auction as bidders must announce that decision before the auction's start.
July 29, 2019
The official committee of equity security holders in the Chapter 11 case of Elk Petroleum objected Monday in Delaware to what it called onerous terms for bidders to meet in an asset marketing process that was begun as part of a settlement among the debtors, creditors and the committee last week.
July 25, 2019
Bankrupt oil and gas driller Elk Petroleum Inc. received court approval Thursday for a settlement deal with creditors and equity holders that avoids their request for a Chapter 11 trustee and addresses valuation concerns by running an asset marketing process.
July 22, 2019
Bankrupt oil and gas driller Elk Petroleum Inc. on Friday submitted a proposed settlement to the Delaware bankruptcy court that would cancel a bid by a secured creditor to appoint a trustee to oversee the debtors' cases, agreeing to have two independent directors installed to Elk's board.
July 10, 2019
Bankrupt oil and gas driller Elk Petroleum Inc. told a Delaware bankruptcy court judge Wednesday that objections from equity holders to its proposed post-petition financing were rooted in a misunderstanding of the value of the debtor's assets and not on any substantive grounds.