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Osage Exploration and Development Conversion Sought

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The U.S. Trustee assigned to the Osage Exploration and Development case filed with the U.S. Bankruptcy Court a motion to convert the Chapter 11 reorganization to a liquidation under Chapter 7.

The motion explains, “The United States Trustee (‘UST’), in furtherance of the administrative responsibilities imposed pursuant to 28 U.S.C. § 586(a), respectfully requests this Court enter an order converting the referenced case to one under chapter 7 pursuant to section 1112(b) of the United States Bankruptcy Code. In support of this motion, the UST states: On February 3, 2016, Osage Exploration and Development, Inc. (‘Debtor’) filed a voluntary petition seeking relief under chapter 11 of the Bankruptcy Code and has since acted as a debtor-in-possession. On March 31 this Court approved a sale of substantially all of the assets of the debtor. The debtor has indicated it has no intent of proposing a chapter 11 plan.”

The motion continues, “The debtor has made it clear that it will not be proposing a plan because there is no ongoing concern to reorganize. All that is left to administer are some sale proceeds subject to liens, and some proceeds from compromises. Under such a scenario, conversion to chapter 7 is appropriate.”

The Court scheduled a July 6, 2016 hearing to consider the motion. Read more oil & gas bankruptcy news.

The post Osage Exploration and Development Conversion Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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