GMX Investors Blast $50M Ch. 11 Loan As Unfair

Law360, New York (April 26, 2013, 5:43 PM EDT) -- A group of preferred shareholders of bankrupt oil and gas producer GMX Resources Inc. became the latest party Thursday to object to the company’s request for $50 million in debtor-in-possession financing, arguing that the loan terms give an “unfair advantage” to secured creditors if the firm were to be sold.

Investors Brian Burr, Michael Burr, Taylor Burr, Brad Keiller and DCB Capital LLC filed their motion in Oklahoma bankruptcy court, claiming that portions of the DIP financing terms could throw off the checks and balances in...
To view the full article, register now.




Case Information

Case Title

GMX Resources, Inc.

Case Number



Oklahoma Western

Nature of Suit

Date Filed

April 1, 2013

Law Firms


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.