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Osage Exploration and Development Dismissal Sought

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Osage Exploration and Development filed with the U.S. Bankruptcy Court a motion to dismiss its Chapter 11 case.

The motion explains, “The Debtor has liquidated all of its Bankruptcy Estate and has either distributed or abandoned all of the proceeds from such liquidation proceedings pursuant to duly entered Orders of this Court or otherwise in the ordinary course of business. At this point, the Debtor does not believe there are any assets remaining in this Estate to be administered. Moreover, Apollo Investment Corporation (‘Apollo’) holds pre-petition and post-petition liens upon any and all assets of the Estate such that any undiscovered assets would be fully encumbered by the liens of Apollo. The Debtor does not believe that filing a plan of reorganization serves any purpose in the Bankruptcy Case. There are no assets to reorganize or liquidate consequently, there are no funds available to pay the costs associated with preparing, providing proper notice and seeking confirmation of a Chapter 11 Plan. The Debtor is administratively insolvent as to any administrative claims aside from those subject to the Carve Out provided in the DIP Facility. Therefore, Debtor does not intend at this point to pursue a Chapter 11 Plan.”

Read more Osage bankruptcy news.

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


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