“Endeavour Gets Nod To End Ch. 11 In Structured Dismissal”
A Delaware bankruptcy judge on Friday agreed to allow Endeavour Operating Corp. to go ahead with a so-called structured dismissal of its Chapter 11 case after the oil company struck a deal with unsecured creditors who opposed the move and months since it ditched a prearranged exit strategy.
During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey learned that Endeavour had struck a deal that allowed unsecured creditors to recover $3.2 million from the estate and said that the structured dismissal he was agreeing to approve — a controversial end to a Chapter 11 case in which bankruptcy protection would cease but the judge’s orders would remain in effect — was “an exercise in pain allocation.”
“If it wasn’t for the fact the sun was shining, I’d be depressed,” the judge said from the bench. “In my view there’d be no organized way to exit the 11.”
The creditor committee is represented by Neil B. Glassman, Scott D. Cousins and Evan T. Miller of Bayard PA, and David M. Bennett and Cassandra Sepanik Shoemaker of Thompson & Knight LLP.