Law360, New York (April 25, 2016, 7:55 PM EDT) -- Wells Fargo Bank N.A. on Sunday defended a $110 million bankruptcy financing package for Emerald Oil Inc. that has recently been attacked by the debtor’s unsecured creditors, telling a Delaware bankruptcy judge that if the current funding package isn’t approved, Emerald faces liquidation.Wells Fargo, which is serving as an administrative agent for the lenders backing the financing, responded to an objection brought by Emerald’s official committee of unsecured creditors. The bank said the proposed debtor-in-possession, or DIP, financing currently on the table is the only funding Emerald has available and lenders won’t fund the company if terms of the arrangement... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Wells Fargo has defended itself in a Delaware court its $110 millionm bankruptcy financing package for Emerald Oil that has recently been pounced on by the debtor's unsecured creditors, warning that if the package is not approved, the oil company faces liquidation.