November 6, 2018 / 12:28 PM / 11 days ago

Gastar says no need for ‘pointless’ equity committee

Energy producer Gastar Exploration Inc on Monday struck back at minority shareholders who want an equity committee for its bankruptcy, saying appointing one would be pointless as there is little for shareholders to recover.

Gastar in a filing in U.S. Bankruptcy Court in Houston said evidence of its insolvency is “overwhelming” and it would have to find more than $540 million in value for shareholders to get a payment in its court-supervised reorganization.

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