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Go to the Epiq Guidance or the KKC website and select one of the current active bankruptcy cases. Look through all of th...

Go to the Epiq Guidance or the KKC website and select one of the current active bankruptcy cases. Look through all of the information that is available for the case that you selected. Then, discuss the current status of this particular bankruptcy from an accounting perspective.

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Answer #1

Petition: Weatherly Oil & Gas, LLC

The petition was filed on February,28, 2019 by Weatherly Oil & Gas, LLC seeking relief under chapter 11 of United States Bankruptcy Court. As of now, total of 13375 claims are pending against the company. The first meeting of creditors was initially held on March,26 2019.

Current Status from Accounting Perspective

The Bankruptcy Court has already given orders for approving the sale of non-operating assets and also acquired assets of the company. The Bankruptcy Court has also given the order to Weatherly Oil & Gas LLC to obtain DIP financing on final basis.The debtor is authorized to obtain senior secured, debtor-in-possession term loan amounting to $1 million from Energy Funding, LLC and AB Energy Opportunity Fund, LP with Angelo, Gordon Energy Servicer, LLC, acting as a administrative agent. Adequate protection would be provided to DIP lenders.

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