The U.S. Bankruptcy Court approved Shadow Tree Capital Managements emergency motion to convert Hydrocarb Energy Chapter 11 reorganization proceeding to a liquidation under Chapter 7.
The order states, For the reasons stated on the record pursuant to Bankruptcy Rule 7052, these jointly administered cases are converted to chapter 7. As discussed on the record, a representative of the Debtor is authorized to sign and file the Debtors chapter 11 schedules no later than Friday, May 13, 2016.
As previously reported, Shadow Tree Capital Management sought case conversion on the following grounds: Since the Petition Date, the only revenue generated by the Debtors has been from the sal…
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