Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer…
Kinder Morgan: Bankrupt Refiner Owes $1.5 mln
Kinder Morgan Liquids Terminals LLC says Philadelphia Energy Solutions failed to make payments for fuel storage and other services totaling nearly $1.5 million since December, roughly seven months before the Pennsylvania refiner filed for bankruptcy.In a Wednesday filing, Kinder asked the U.S.
US Energy Investors Eye Cheap Takeovers as Oil Prices Sink
Sinking oil prices are turning distressed US energy companies into takeover targets for opportunistic private investors who are prepared to offer expensive debt in return for ownership stakes, as the sector struggles to access traditional forms of bank financing.A…
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, which invests in oil-and-gas properties…
Seadrill Postpones Court Hearing for Restructuring Talks
Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 7, which sources told Reuters will give the company more time to consider alternative restructuring plans. Once the largest drilling rig operator by market value…
Seadrill Bondholders Post Cash Deposit for Rival Restructuring
Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value…
Subsea 7 Acquires EMAS Chiyoda Subsea Assets
Subsea 7 S.A. said it has acquires certain businesses of EMAS Chiyoda Subsea (ECS) under a U.S. bankruptcy code Chapter 11 Plan of Reorganization, confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017.
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. Bankruptcy Court in the District of Delaware…
Hanjin: Cargo Owners Withholding $80 mln
Failed South Korean container carrier Hanjin Shipping Co Ltd told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freight. "Hanjin is not the only bad guy here…
SunEdison's Yieldcos Exploring Strategic Options, Including Sale
TerraForm Global Inc and TerraForm Power Inc, the "yieldcos" of bankrupt solar company SunEdison Inc, said on Monday they were exploring strategic alternatives, including a sale of their entire business. TerraForm Power's shares were up 3.4 percent at $13.49 in early trading…
Seventy Seven Energy Files for Bankruptcy
Oilfield services company Seventy Seven Energy Inc filed for a prepackaged Chapter 11 bankruptcy on Tuesday to carry out a plan to convert $1.1 billion of its debt into equity in a reorganized company. Seventy Seven offers drilling and hydraulic fracturing services and was spun out of Chesapeake Energy Corp in 2014.
SandRidge Energy Seeks Bankruptcy Protection
SandRidge Energy Inc and master limited partnership Breitburn Energy Partners LP filed for bankruptcy protection on Monday, the latest U.S. oil and gas companies to fall victim to weak oil prices. A plunge in global crude prices has now pushed at least 28 publicly…
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. Oklahoma-based Midstates…
Swift Energy Emerges From Bankruptcy
Oil producer Swift Energy Co said on Monday it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection. Swift filed for bankruptcy on Dec. 31, joining about 40 other energy companies that entered bankruptcy in 2015 as oil prices plunged.
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. The Houston-based exploration and production company…
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. Denver, Colorado based-Venoco…
Sundevil Power Files for Bankruptcy
Sundevil Holdings Holdings LLC, which operates two gas-fired power plants in Gila Bend, Arizona filed for U.S. Chapter 11 bankruptcy on Thursday, according to court documents. The company, owned by private equity firm Wayzata Investment Partners, listed $100…
Swift Energy Gets Loan Approval from US Bankruptcy Court
Swift Energy Co received U.S. bankruptcy court approval on Tuesday to borrow up to $15 million, giving the oil-and-gas exploration company time to negotiate a refinancing deal that is key to its turnaround. Swift filed for Chapter 11 on Dec. 31, joining about…
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.
Platform Operator to Pay Millions in Penalties
The offshore oil platform operator ATP Oil & Gas Corp. has agreed to pay more than $41 million in penalties to settle claims it made unauthorized discharges of oil and chemicals from a production platform in the Gulf of Mexico, the U.S. Justice Department said on Thursday.
