Fieldwood Entities filed with the U.S. Bankruptcy Court an objection to Black Elk Energy Offshore Operations’ Disclosure Statement and Proposed Plan of Liquidation.
The objection explains, “The Debtor has requested this Court conditionally approve this Disclosure Statement on an emergency basis, but still fails to provide adequate information, including, among other things, the failure to include information on: The bonds/escrows securing P&A obligations on a per OCS lease basis; The amounts available on an individual OCS lease basis to cover the Debtor’s P&A obligations on both operated and non-operated properties; The estimated amounts of all administrative expense claims in this Chapter 11 Case, including how such claims will be paid in the event that: (a) Montco fails to complete the P&A services; (b) there are insufficient bonds/escrows to cover the non-operated Debtor properties and the operated Debtor properties; and/or (c) the Debtor attempts to abandons such properties; and (d) The properties that are being marketed for sale and what is the timing for such sales vis a vis confirmation of the Plan.”
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