Bankrupt Elk Petroleum Files Liquidation Plan to End Chapter 11

Bankrupt oil and gas company Elk Petroleum Inc. plans to liquidate its remaining assets and wrap up its Chapter 11 bankruptcy.

Under the plan filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware, all of Elk Petroleum’s assets will be transferred to a liquidating trust, where litigation claims will be vested. Elk Petroleum’s non-debtor affiliates that have ongoing operations will be liquidated, and any proceeds will go to the trust.

Administrative expense claims will be paid in full.

Holders of general unsecured claims and “EPI Preferred Interests” will receive distributions, but the plan doesn’t say how much. ...