Drilling Rig Maker Faces Heat Over Insider’s Ch. 11 Roles
Law360 (June 25, 2019, 9:41 PM EDT) -- Drilling rig maker Schramm Inc. found itself locked in battle on its first day in Delaware bankruptcy court Tuesday after a creditor drew out testimony that a judge said raised questions about an insider's financing and roles in the case.
West Chester, Pennsylvania-based Schramm, which produces drilling equipment used worldwide, sought Chapter 11 protection Monday, citing weakened markets for its products and an inability to meet creditor forbearance agreements despite deals that trimmed prepetition debt burdens from more than $70 million to about $20 million.
The company sought court approval Tuesday for a series of routine Chapter 11 administration approvals, but...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!