Magnum Hunter Resources Corp. won bankruptcy-court approval to put its restructuring plan, which incorporates a recent settlement with a key creditor body, to a vote, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Kevin Gross on Friday signed off on an outline of the Texas oil and gas company's restructuring plan, paving the way for creditors to begin voting on the plan's terms. At the heart of the plan is a pledge by many of Magnum Hunter's lenders and bondholders to swap some $1 billion in debt for most, if not all, of the new common stock in the restructured company. Magnum Hunter sought chapter 11 protection in December after striking this deal with top creditors.
