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Sable Natural Resources Bankruptcy Liquidation Sought

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The U.S. Trustee assigned to the Sable Natural Resources case filed with the U.S. Bankruptcy Court a motion to convert the Chapter 11 reorganization to a liquidation under Chapter 7 or, in the alternative, an order dismissing the case.

The motion asserts, “The United States Trustee moves to convert this case to chapter 7 for inability to propose a plan and unreasonable delay. Sable Natural Resources Corporation (the ‘Debtor’)….The Debtor filed this chapter 11 case in order to address remaining debts – primarily investor holder claims – after the confirmation of the Sable Operating plan. As of July 7, 2017, this case has been in bankruptcy for 238 days. The only activity reflected by the Debtor’s case docket consists of (1) the filing of the Debtor’s schedules and statement of financial affairs, (2) the filing of monthly operating reports, (3) the section 341 meeting of creditors, and (4) the employment of Debtor’s counsel. Additionally, there does not appear to be a clear demarcation between the Debtor, Sable Operating, and two other related entities, MDT Advisory Services and Vast Mountain Development.”

In addition, “The case should be converted to a case under chapter 7 to permit a trustee to evaluate the NOLs to determine whether they may be monetized. A chapter 7 trustee could also evaluate any claims that may exist as between the Debtor and any insiders or related parties to determine whether such claims, if any, might be a source of funds to repay creditors….Alternatively, should the Court determine that conversion is not in the best interest of creditors, the foregoing cause also supports dismiss of this case.”

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The post Sable Natural Resources Bankruptcy Liquidation Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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