Milagro Oil & Gas Ch. 11 Plan Gets Green Light From Judge

By Jonathan Randles (October 8, 2015, 7:01 PM EDT) -- A Delaware bankruptcy judge on Thursday approved Milagro Oil & Gas Inc.'s Chapter 11 plan, which is centered on a $217 million deal shipping its assets to White Oak Resources VI LLC.

The plan, approved by U.S. Bankruptcy Judge Kevin Gross, contemplates the exchange of Milagro's oil and gas assets to White Oak in exchange for $120 million in cash and $97 million in equity. Like other U.S. energy producers, Milagro entered bankruptcy earlier this year amid persistently low oil prices.

Proceeds from the White Oak transaction will go toward repaying the Gulf Coast oil and gas producer's $15 million bankruptcy loan...

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