Magnum Hunter Resources Corporation (a/k/a Petro Resources Corporation) Bankruptcy New Filing Alert: Motion For Authority To Use Cash Management Systems





On December 15, 2015, a motion for authority to use cash management systems was filed in the bankruptcy case of Magnum Hunter Resources Corporation (a/k/a Petro Resources Corporation) and its affiliates.

The filing was assigned docket number 5 and is described on the court’s official docket as follows:

Debtors’ Motion for Entry of Interim and Final Orders (I) Authorizing the Debtors to (A) Continue to Operate Their Cash Management System, (B) Honor Certain Prepetition Obligations Related Thereto, (C) Maintain Existing Business Forms, and (D) Continue to Perform Intercompany Transactions, (II) Granting Superpriority Administrative Expense Status to Postpetition Intercompany Balances, and (III) Grantin Related Relief Filed By Magnum Hunter Resources Corporation (Attachments: # 1Exhibit A [Proposed Interim Order] # 2 Exhibit B [Proposed Final Order])(Jones, Laura Davis) Modified docket text on 12/15/2015 (LMD). (Entered: 12/15/2015)

Magnum Hunter Resources Corporation (a/k/a Petro Resources Corporation) filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on December 15, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Delaware. The case number for the lead bankruptcy case is 15-12533. The bankruptcy case is currently assigned to United States Bankruptcy Judge Kevin Gross. The law firm of Kirkland & Ellis LLP is acting as lead bankruptcy counsel to Magnum Hunter Resources Corporation (a/k/a Petro Resources Corporation) in the bankruptcy case.

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