Elk Petroleum Reaches Ch. 11 Deal With Equityholders

Law360, Wilmington (September 20, 2019, 7:51 PM EDT) -- 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.

During a confirmation hearing in Wilmington in front of U.S. Bankruptcy Judge Laurie Selber Silverstein, Elk Petroleum was able to broker the deal during an hourslong break so it can move forward with confirmation of plan at two of its subsidiaries, Elk Petroleum Aneth LLC and Resolute Aneth LLC....

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