Milagro Hits Ch. 11 With Plans For $217M White Oak Deal

Law360, Wilmington (July 16, 2015, 3:57 PM EDT) -- Milagro Oil & Gas Inc. entered Chapter 11 in Delaware bankruptcy court on Wednesday, armed with a prearranged plan that would see the company hand over its assets to White Oak Resources VI LLC for about $217 million in cash and stock.

The Texas-based company has struggled for years as the rise of fracking drove down prices for domestic oil and natural gas and sought court protection in the face of a resultant cash crunch, according to a first-day declaration by Chief Restructuring Officer Scott W. Winn.

Milagro believed it turned a corner after restructuring its first-lien debt in September only...

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