Stone Energy Says Prepackaged Bankruptcy Plan on Way to Adoption

Yesterday MDN updated you on the situation with Stone Energy and their filing for bankruptcy (see Stone Energy’s Largest Shareholder Caves, Agrees to Bankruptcy). As we reported, Stone’s largest shareholder, who stands to take the biggest screwing under a bankruptcy plan, decided to negotiate a truce and allow the bankruptcy to proceed. Immediately Stone filed and then issued an update. The first court date is always critical, and according to Stone, it went well with the bankruptcy court ruling that Stone can pretty much do what it filed to do…

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