November 1, 2018 / 11:32 PM / 3 months ago

Energy producer Gastar's Ch. 11 starts with call for equity committee

Two minority shareholders of Gastar Exploration Inc on Thursday asked for an equity committee to be appointed in the energy producer’s bankruptcy, arguing the case amounts to a foreclosure to benefit the company’s controlling shareholder.

Fir Tree Capital Management LP and York Capital Management Global Advisors LLC in a filing in U.S. Bankruptcy Court in Houston said shareholders are in need of “immediate representation” because Gastar filed for Chapter 11 protection on Wednesday in order to turn ownership over to Ares Management LP.

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