MTE: Riverstone Credit Management joins push for trustee appointment

By Caroline Salls

Pittsburgh, Dec. 16 – MTE Holdings LLC lender agent Riverstone Credit Management, LLC requested appointment of a Chapter 11 trustee for MTE’s bankruptcy case, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Riverstone joins Natixis, New York Branch, in asking the court to appoint a trustee in the case.

“MTE is incapable and unfit to manage [debtor MDC Energy LLC], and its continued status as manager is detrimental to the debtors’ estates and all stakeholders,” Riverstone’s motion said.

Specifically, Riverstone said it is concerned that Mark Siffin, who controls and manages each of the MTE debtors, “may have inappropriately diverted money belonging to the debtors’ estates to himself through an affiliate for the purpose of hiding such payments.”

“Under Mr. Siffin’s mismanagement, both MTE and MDC have demonstrated a consistent pattern of disregard for their contractual obligations, obfuscation and deceit toward their creditors and, upon filing these Chapter 11 cases, a disregard for the Chapter 11 process and the orders of this court,” the motion said.

A status conference on Natixis’ trustee appointment motion was scheduled to be held on Dec. 16.

MTE is a Midland, Tex.-based holding company. The company filed bankruptcy Oct. 22 under Chapter 11 case number 19-12269.

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