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

On January 11, 2016, an order regarding the 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 251 and is described on the court’s official docket as follows:

Order (Final) (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) Granting Related Relief (related document(s)[5], [67]) Order Signed on 1/11/2016. (Attachments: # (1) Exhibit “1&2”) (LMD)

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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