Seadrill Close to Restructuring Deal with Bondholders
Seadrill's main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said on Thursday. The Norwegian company…
Bankrupt Breitburn Rebuffs $1.8 bln Bid
U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings. The offer from Houston-based Lime Rock…
Sinopec Sues PDVSA as Relations Fray
Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, has sued Venezuela's state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7…
The Energy Patch: where rights offerings are "sexy" again
Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights…
Peabody Makes Fresh U.S. Stock Debut After Bankruptcy Exit
U.S. coal miner Peabody Energy Corp returned to the New York Stock Exchange on Tuesday after emerging from a year-long $8 billion Chapter 11 bankruptcy with far less debt and an industry champion in the White House. Shares in Peabody…
U.S. Coal Miner Peabody eyes April Bankruptcy Exit
Peabody Energy Corp , the world's largest private sector coal producer, said on Thursday it expects to exit its Chapter 11 bankruptcy in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt. U.S.
Peabody, Shareholders Face Off in Bankruptcy Court
Peabody Energy Corp , the world's largest private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company's $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel.
Paragon Offshore Eyes Options after Court Denies Bankruptcy Plan
Paragon Offshore Plc said on Friday it was evaluating its options after a U.S. judge rejected the offshore rig contractor's plan to exit bankruptcy, an unusual setback for a corporate Chapter 11 proceeding. In an oral ruling in U.S.
U.S. Judge Approves Energy Future's Bankruptcy Exit Plan
U.S. Bankruptcy Judge Christopher Sontchi signed off on a plan on Friday for the bulk of Energy Future Holdings Corp's operations to exit bankruptcy. Energy Future, Texas' biggest power company, filed for Chapter 11 protection in April 2014 to deal with $42 billion in debt.
Bankrupt Wyoming Coal Giant Turns to Grass
A squad of about ten Peabody Energy Corp. miners clad in steel-toed boots and hard hats climbed into massive bulldozers on a recent morning, ready to create rolling hills of grass over former pits at the Rawhide coal mine in Wyoming.
US Offshore Regulator to Unveil Tougher Environmental Safeguards
The U.S. government agency created after the 2010 Deepwater Horizon oil spill plans in coming weeks to unveil tougher financial requirements for offshore oil producers aimed at protecting taxpayers from the risk of cleaning up abandoned oil rigs, an agency executive told Reuters.
Midstates Petroleum, Ultra file for Bankruptcy Amid Weak Oil Price
Oil-and-gas producers Midstates Petroleum Co Inc and Ultra Petroleum Corp have filed for Chapter 11 bankruptcy protection, joining several companies that have been unable to meet debt obligations after a steep decline in energy prices.
Goodrich Petroleum Files for Bankruptcy Protection
U.S. shale oil producer Goodrich Petroleum Corp said on Friday that it filed for Chapter 11 bankruptcy protection with a plan to eliminate $400 million in debt from its balance sheet while it rides out a slump in commodities markets.
Venoco Files for Bankruptcy
U.S. petroleum company Venoco Inc filed for Chapter 11 bankruptcy protection on Friday, joining more than 40 energy-related firms that have sought court protection from creditors since oil prices started plummeting 18 months back.
Zombies Appear in U.S. Oilfields as Crude Dips Lower
Drained by a 17-month crude rout, some U.S. shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business.
Bankrupt Walter Energy to Auction US Coal Assets
Bankrupt Walter Energy Inc received court approval on Tuesday to auction its coal assets as part of a proposal to emerge from bankruptcy that has faced fierce opposition from unions and retirees in its home state of Alabama. Walter Energy is one of four debt-laden U.S.
Linn Energy Exploring Debt Options to Weather Oil Collapse
Indebted Linn Energy LLC is exploring distressed restructuring options with Barclays as stubbornly low oil and natural gas prices test its ability to service $10 billion of debt after next year, sources with knowledge of the matter said.
Arch Coal Noteholders Reject Debt Swap Deal
Arch Coal Inc moved closer to bankruptcy after noteholders rejected a debt exchange proposal aimed at boosting the coal miner's liquidity. Heavily-indebted Arch Coal has been hit by weak demand and stricter regulation, factors…
Arch Coal Debt Deadline Extended
Arch Coal said the deadline for its debt exchange plan had been extended again, to Oct. 26, as a court hearing on a legal battle between its creditors is scheduled for Friday. A creditor sued a group of lenders last week, alleging that they are trying to use the struggling U.S.
Spain's Abengoa H1 Net Profit Up
Spanish engineering and renewable energy company Abengoa posted on Friday a 5 percent rise in first-half net profit to 72 million euros ($80 million). Class B shares in Abengoa - which has biofuel and solar thermal plants in…
