Saratoga Resources Inc.'s shareholders want the chance to propose a restructuring plan for the oil-and-gas producer, citing the allegedly "increasing dysfunction" of the company's board and lenders' iron grip on its bankruptcy, Dow Jones Daily Bankruptcy Review reported today. The official committee of equity holders has asked the U.S. Bankruptcy Court in Lafayette, La., to terminate Saratoga's exclusive restructuring plan filing rights to open the field to rival proposals, expressing a desire to file its own proposal that will preserve the value of Saratoga's equity. In court filings, Saratoga's lawyers have said that it has acted properly in connection with its restructuring, including having an independent committee oversee the process.
