Parallel Energy eyes dismissal of Chapter 11 cases after distributions

By Caroline Salls

Pittsburgh, Feb. 19 – Parallel Energy LP asked the U.S. Bankruptcy Court for the District of Delaware to dismiss its Chapter 11 cases, according to a motion filed Thursday.

Parallel said the sale of its assets closed on Jan. 28. A portion of the sale proceeds will be used to fund the wind-down of the company’s estates and the closure of the Chapter 11 cases.

The company said the cases would be dismissed following the distribution of sale proceeds and payment or resolution of administrative expenses and professional fees.

“The debtors have no business to reorganize and nothing of value left in the debtors’ estates that warrants the continuation of these Chapter 11 cases,” Parallel said in the motion.

A hearing is scheduled for March 10.

Calgary, Alta.-based Parallel Energy invests in oil and natural gas reserves and production. Its U.S. subsidiaries filed for bankruptcy on Nov. 9 under Chapter 11 case number 15-12263.

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