Elk Petroleum Eyes Bankruptcy End as Dispute Settlement Approved

Elk Petroleum Inc. got tentative court approval for a settlement that resolves its disputes with creditors, equity holders, and affiliates, paving the way for the oil producer and its affiliates to wind down their bankruptcy cases.

U.S. Bankruptcy Court Judge Laurie Selber Silverstein on Oct. 4 said she would issue her final approval of the settlement after minor language changes. She said she would also confirm the Chapter 11 reorganization plan for two of the debtor’s subsidiaries, Elk Petroleum Aneth, LLC and Resolute Aneth, LLC.

As part of the global settlement, Elk Petroleum sold another bankrupt affiliate, Elk Operating Services ...