Elk Petroleum Investors Ask Court To Nix Ch. 11 Financing
Law360 (June 14, 2019, 7:58 PM EDT) -- Stockholders who already filed suit over a stock-to-debt conversion prior to Elk Petroleum Inc.'s Chapter 11 are now taking aim at Elk's proposal for up to $10 million in post-petition financing, telling the Delaware bankruptcy court the financing has flawed terms and may not even be needed.
In an objection filed Thursday in U.S. Bankruptcy Judge Laurie Selber Silverstein's court, ACR Multi-Strategy Quality Return Fund, Fulcrum Energy Capital Fund II LLC and LIM Asia Special Situations Master Fund Ltd. argued that a final order for the debtor-in-possession financing includes problematic protections for lenders and said that Elk has not shown it...
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