New Delaware Chapter 11 Filing – Arsenal Energy Holdings LLC

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Arsenal Energy Holdings has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10226).  According to the First Day Declaration, Arsenal, which is headquartered in Wexford, Pennsylvania, is a holding company that, through its non-Debtor subsidiaries, owns and operates 77 natural gas wells in the Appalachian Basin.  According to a press release from the Debtors, the Debtors enter chapter 11 having already solicited votes on a prepackaged plan of reorganization, with 93% of its equity holders and 100% of its noteholders voting in favor of the plan.  The Disclosure Statement can be found here.  Prime Clerk is the proposed claims and noticing agent.  The case has been assigned to the Honorable Brendan Linehan Shannon. 

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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