Parallel Energy meets conditions, requests dismissal of case

New York, Oct. 13 – Parallel Energy LP said it has met the conditions to conclude its Chapter 11 case and requested that the U.S. Bankruptcy Court for the District of Delaware enter an order dismissing the case.

Specifically, Parallel Energy said in a filing with the court on Wednesday that it has disposed of its remaining de minimis assets, satisfied, resolved or otherwise settled all administrative expenses, distributed all remaining funds to the prepetition agent and paid all allowed administrative claims in full.

In addition, the deadline of April 14 to file objections to the dismissal of the case has passed without protest.

The court approved the steps necessary for dismissal on March 18.

Calgary, Alta.-based Parallel Energy invests in oil and natural gas reserves and production. The U.S. subsidiaries filed for bankruptcy on Nov. 9, 2015 under Chapter 11 case number 15-12263.

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