MTE Holdings Seeking Bankruptcy Sale or Funded Reorganization

摘要

MTE Holdings LLC is seeking court approval to start a bankruptcy sale process while continuing to solicit offers to finance its way out of Chapter 11. The Midland, Texas-based oil and gas driller, which operates as MDC Energy, believes the best way to repay creditors is through a new finance package, according to a Sept. 11 court filing with the U.S. Bankruptcy Court for the District of Delaware. But it will simultaneously entertain bids from parties interested in buying the business outright, the company said.