Bankruptcy court approves motions by Magnum Hunter

Magnum Hunter Resources Corp. has announced that the United States Bankruptcy Court for the District of Delaware has approved a variety of "first-day" motions related to the company's chapter 11 restructuring. (See our December 15 blog, “Magnum Hunter Resources files for bankruptcy in Delaware court.”) According to the PennEnergy news site, Magnum Hunter said the first-day orders provide the company with “the ability to continue operating in the ordinary course while it continues to pursue a comprehensive financial restructuring.” Magnum Hunter, which is active in the Utica shale play, also said the Court approved its debtor-in-possession (DIP) financing, a key component of its restructuring strategy, on an interim basis.

National, Ohio