New Delaware Chapter 11 Filing – Elk Petroleum Inc.
Elk Petroleum Inc., along with 3 affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11157). The Debtors, headquartered in Denver, CO, are an oil and gas extraction business that specializes in applying enhanced oil recovery techniques to mature oil fields. According to the First Day Declaration, the Debtors’ parent company, Elk Petroleum, Limited, is a publicly traded Australian entity (ASX: ELK) that commenced a voluntary administration under Australian law on May 15, 2019. The First Day Declaration further explains that the Debtors enter chapter 11 having solicited votes on a prepackaged plan of reorganization, which contemplates payment in full of general unsecured creditors. The Disclosure Statement can be found here. Stretto is the proposed claims and noticing agent. The cases have been assigned to the Honorable Laure Selber Silverstein.
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