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Judge approves MGF Oil disclosure statement
Midland based MGF Oil Corp clears a bankruptcy hurdle as U S Bankruptcy Judge Joseph C Elliott approves mailing of a disclosure statement to creditors by Aug 23 The plan may resemble a debt for equity exchange and is due for repayment plan submission by Nov 21 The company reports about 240 workers and $315 million in debt with ongoing drilling near Houston and the Gulf Coast and a Phoenix investor voices objections.
MENTIONED IN THIS ARTICLE
Midland
MGF Oil Corp
MGF
Phillip Marcum
U.S
Joseph C. Elliott
Elliott
Marcum
Sandi L. Esserman
Richard Carpenter
Esserman
Federal Deposit Insurance Corp
First National Bank of Midland
Barry Beck
Carpenter
Beck
Stanford Phelps
New York
FDIC
Midland Oil, Gas and Contract Drilling
Louisiana
Lafayette
Casper
Wyo
Houston
Gulf Coast
Seymour Licht
Scottsdale, Ariz
Licht
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