Shale Energy Co. Gavilan Gets OK For Ch. 11 Liquidation Plan

Law360 (December 1, 2020, 3:43 PM EST) -- A Texas bankruptcy judge on Monday approved shale oil and gas company Gavilan Resources LLC's Chapter 11 liquidation plan, which will distribute more than $40 million in asset sale proceeds to senior creditors.

Following a brief remote hearing late Monday, U.S. Bankruptcy Judge Marvin Isgur approved Gavilan's plan for the proceeds of its October asset sale after hearing that remaining objections to the plan had been resolved.

Blackstone Energy Partners-backed Gavilan, which had owned about 77,000 net acres of oil and gas leasehold interests, hit Chapter 11 on May 18, citing plummeting oil prices amid the coronavirus pandemic as well as...

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