27 May 2019
Elk Petroleum Ltd (Administrators Appointed)
ACN 112 566 499 (EPL)
Elk Petroleum Inc. (EPI) Chapter 11 Proceedings
On Wednesday, 22 May 2019, EPI, a wholly owned US subsidiary of EPL (along with Elk Petroleum Aneth, LLC; Resolute Aneth, LLC; and Elk Operating Services, LLC) (collectively, Elk Chapter 11 Entities) petitioned the U.S. Bankruptcy Court for the District of Delaware (US Bankruptcy Court) for Chapter 11 protection.
On Friday, 24 May 2019, the US Bankruptcy Court heard First Day Motions for the Elk Chapter 11 Entities.
Recapitalisation of EPL
The Administrators of EPL are seeking expressions of interest for either:
- equity participation, recapitalisation or restructure proposals by way of a Deed of Company Arrangement; or
- the purchase of EPL's interests in its USA subsidiaries.
First statutory meeting of creditors
On Monday, 27 May 2019, the Administrators held the first meeting of creditors. At the meeting, creditors resolved to appoint a Committee of Inspection.
A copy of the meeting presentation is available at the McGrathNicol website (http://www.mcgrathnicol.com/creditors/elk-petroleum-ltd/).
The minutes of the meeting will be lodged with the Australian Securities and Investment Commission.
Contact details and further information
Additional information will be uploaded to the McGrathNicol website as it becomes available.
For all further enquiries please contact:
Adam Cutler
E elk@mcgrathnicol.com
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Disclaimer
Elk Petroleum Limited published this content on 27 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 May 2019 13:43:07 UTC