Infighting among creditor groups recently erupted in connection with the Chapter 11 bankruptcy filed by Houston-based Dune Energy and its related affiliates. The official committee of unsecured creditors recently filed an adversary complaint against the Bank of Montreal and CIT Bank because the committee is battling the two banks’ assertions that they have first priority liens in Dune Energy’s assets, particularly certain oil and gas leases located in Texas and Louisiana.
Dune Energy, Dune Operating Company and Dune Properties filed their Chapter 11 suit on March 8, 2015, in the U.S. Bankruptcy Court in the Western District, Austin Division. In an announcement released on April 2, 2015, Dune Energy stated that the company continues to operate its business and manage its properties as debtors-in-possession under the jurisdiction of the bankruptcy court.
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