“Parallel Energy plans $110M sale in Chapter 11”
Parallel Energy LP has sought court protection to sell its assets to Scout Energy Group II LP, becoming just the latest energy company to succumb to low oil prices.
The Tulsa, Okla., oil and natural gas property operator and affiliate Parallel Energy GP LLC on Monday, Nov. 9, submitted Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Parallel has a $110 million offer for its oil and gas leases from an affiliate of Dallas private equity firm Scout Energy Partners.
David M. Bennett and Demetra L. Liggins of Thompson & Knight LLP and Neil B. Glassman and GianClaudio Finizio of Bayard PA are debtor counsel. Bennett and Finizio could not be reached for comment Monday.