Galaxy Energy lender looks to examine valuation documents

By Caroline Salls

Pittsburgh, May 21 - Galaxy Energy Corp. senior lender Promethean Asset Management, LLC is seeking court approval to examine documents used to determine the company's value, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Colorado.

According to the motion, the company has claimed throughout its bankruptcy process that the value of its properties vastly exceeds the amount of the debt secured by those properties, including the claims filed by the senior lender as collateral agent for the company's pre-bankruptcy lenders.

As a result, Promethean is looking to examine documents related to Galaxy's businesses, its assets, and other financial information reflecting the nature and value of the company's property.

Promethean said the examination will also allow it to decide whether to agree to Galaxy's reorganization strategy.

Galaxy, a Denver-based independent oil and gas company, filed for bankruptcy on March 14. Its Chapter 11 case number is 08-13164.

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