Tuscany International shareholder group asks court to delay hearing

By Kali Hays

New York, March 12 - Tuscany International Drilling Inc.'s informal committee of equity security holders requested a continuation of the company's March 21 hearing regarding its proposed debtor-in-possession financing, restructuring support agreement and bidding procedures, according to a Wednesday motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The committee claims that the company has failed to provide any information regarding its proposed motions despite repeated requests from the committee's legal counsel, according to the motion.

The committee further stated, "The proposed bidding procedures are rife with secured lender control and bid-chilling restrictions" and that the company has "made it impossible for the committee to evaluate whether the debtors prepetition - and to the extent that there has been any postpetition - marketing efforts were effective or reasonable or whether the timeline proposed is sufficient."

The committee is asking the court delay the hearing to April 7 at the earliest so it can have sufficient time to go through documentation if it is provided.

Tuscany, a Calgary, Alta.-based oilfield services provider, filed bankruptcy on Feb. 2. The Chapter 11 case number is 14-10193.

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