W&T Offshore: Magistrate Judges Recommends To Deny Sureties Preliminary Injunction Motions

(RTTNews) - W&T Offshore, Inc. (WTI) announced the U.S. Magistrate Judge Dena Palermo recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over $100 million. Sureties motion for preliminary injunction, which would have required W&T to immediately post collateral, was categorically recommended to be denied. The company will not be required to post collateral -if at all- until a determination on the merits of the pending lawsuit with the remaining surety providers.

Tracy Krohn, W&Ts Chairman and CEO, said: "This vindicates W&Ts decision to aggressively defend against unlawful predatory business practices."