The U.S. Bankruptcy Court issued an order dismissing Parallel Energy’s Chapter 11 proceeding.
The Company sought dismissal, arguing, “[T]he Debtors negotiated a sale of substantially all of their assets (the ‘Sale’) to Scout Energy Group II, LP, a third-party purchaser (‘Scout’). On January 12, 2016, the Court entered an order approving the sale. Pursuant to the Sale Order, a portion of the Sale proceeds will be used to fund the wind-down of the Debtors’ estates and the closure of the Chapter 11 Cases…in accordance with a wind-down budget prepared by the Debtors and acceptable to the Prepetition Agent and Required Lenders. The Debtors now seek to effectuate an efficient and fair resolution of these Chapter 11 Cases through a dismissal, maximizing the recovery for as many creditors as possible under the circumstances.”
This privately-held oil and gas property developer filed for Chapter 11 protection on November 9, 2015, listing $221 million in pre-petition assets.
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