Temporary 'Cease-Fire' Called In Elk Petroleum's Ch. 11

Law360, Wilmington (June 18, 2019, 6:48 PM EDT) -- Elk Petroleum Inc. will continue to draw on $4 million in interim debtor-in-possession financing as parties that have raised issues with the oil and gas company's Chapter 11 declared a temporary "cease-fire" Tuesday to attempt to reach a resolution.

During a hearing before U.S. Bankruptcy Judge Laurie Selber Silverstein, Elk said there has been significant effort in the past weeks toward resolution of various issues, including a call by a secured lender that a trustee should take control of the bankruptcy because of what is viewed as conflicts among proposed counsel and other professionals working the case.

"We have an agreement...

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May 22, 2019

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