wgas isn't a creditor, it's the company that was going to merge with, and become, the new virgin oil company, less than 2 years ago.
read the 8-k filing when the deal was off. read all the fine print.
imo the deal is still on.
and who is virgin oil? they were once a producing entity, with lots of promise, backed by local NOLA whitney bank and CIT capital, which needs no introduction.
hurricane ike destroyed the pipelines to virgins wells, back in the day. by the time infrastructure repairs were made they had taken on too much debt. hence the BK.
what's really interesting is back in 2011 ventana group's 25M loan to volk was backed by... whitney and CIT. hmmmmm....
i sense a new "storm" is coming for a new virgin oil. jmho.
