New Delaware Chapter 11 Filing – Elk Petroleum Inc.

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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.

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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