Magnum Hunter shareholders withdraw committee representation motion

By Caroline Salls

Pittsburgh, March 15 – A motion by an informal group of Magnum Hunter Resources Corp. equityholders for appointment of an official committee of equity security holders was withdrawn Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the equityholders argued that the Magnum Hunter debtors are not hopelessly insolvent, and there is a substantial likelihood that shareholders are entitled to a “meaningful distribution in these cases.” The debtors, the group said in its motion, have abandoned their duty to protect the shareholders’ interests.

The shareholder group said it was also withdrawing an objection to approval of the disclosure statement for the company’s Chapter 11 plan.

No reason was given for either withdrawal.

Based in Irving, Texas, Magnum Hunter is an oil and gas exploration company. It filed for Chapter 11 relief on Dec. 15 under the case number 15-12533.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.