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Sabine Oil & Gas Statement, Response Joinder Filed

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Sabine Oil & Gas’ official committee of unsecured creditors filed with the U.S. Bankruptcy Court a (i) statement of issues to be presented on appeal and (ii) designation of the items to be included in the record on appeal, in connection with its appeal to the District Court from the Order Denying STN Standing. The committee explains, “The following are the issues presented in the appeal from the STN Order: 1. Whether the Bankruptcy Court erred as a matter of law in concluding that the constructive fraudulent conveyance claims as to Legacy Forest are not colourable. 2. Whether the Bankruptcy Court erred as a matter of law in concluding that the ‘Bad Acts’ Claims are not colourable. 3. Whether the Bankruptcy Court committed legal error in holding that pursuing the constructive fraudulence conveyance claim as to the Legacy Sabine Subsidiaries, which claim the Bankruptcy Court found to be colourable, was not in the best interests of the Debtors’ estates.” Subsequently, Wilmington Savings Fund Society, FSB, as indenture trustee for the Forest Oil 7.25% unsecured notes due 2019, and Delaware Trust Company, as indenture trustee for the Forest Oil 7.5% unsecured notes due 2020, together ‘The Forest Notes Trustees’ filed with the Court a response to join in the motion of the official committee of unsecured creditors for a stay pending appeal of (a) any action to release denied STN claims and (b) expiration of the challenge deadline to pursue the denied STN claims, dated April 5, 2016. The Forest Notes Trustees assert, “The Forest Notes Trustees agree with the factual assertions and legal arguments set forth by the Committee in the Stay Motion and, accordingly, file this Joinder thereto….For the reasons set forth in the Stay Motion, the Forest Notes Trustees respectfully request that the Court: (i) grant the Stay Motion; and (ii) grant the Forest Notes Trustees such other and further relief as the Court deems just, proper and equitable.”

The post Sabine Oil & Gas Statement, Response Joinder Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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