Triangle Petroleum Breezes Through Ch. 11 Confirmation
Law360, Wilmington (June 14, 2019, 8:04 PM EDT) -- The Chapter 11 plan of bankrupt oil and gas driller Triangle Petroleum Corp. received court approval Friday, with the prepackaged debt-for-equity swap coasting through the insolvency process in less than five weeks.
During a confirmation hearing in Wilmington, debtor attorney Andrew L. Magaziner of Young Conaway Stargatt & Taylor LLP told the court that the Chapter 11 plan and disclosure statement were uncontested and that the only impaired creditor had voted to support the plan before the petition had even been filed.
“We are pleased to report that we are before the court on an uncontested basis, having resolved all informal...
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