Elk Petroleum Calls Equity Holders' DIP Objections Baseless

Law360 (July 10, 2019, 9:14 PM EDT) -- 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.

In the response to objections from the official committee of equity security holders, Elk Petroleum said allegations raised by the committee about the prepetition conduct of the debtor’s management don’t make sense when gauged against the evidentiary record made in the Chapter 11 case so far and have little to do with the debtor-in-possession financing package.

Elk Petroleum said while...

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