Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Fieldwood Energy Prepackaged Bankruptcy

0
0

Privately-held Fieldwood Energy and certain of its subsidiaries and affiliates filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, case number 18-30648. The Company, which focuses on the acquisition and development of conventional oil and gas assets in North America, is represented by Alfredo R. Perez of Weil, Gotshal & Manges.

In connection with the filing, the Company entered into a restructuring support agreement (RSA) with support from stakeholders representing, in principal amount, approximately 75% of its first lien term loans; 72% of its first lien last-out term loan, 77% of its second lien term loan and Riverstone, as the holder of 100% of the Company’s sponsor second lien term loan as well as the Company’s private equity sponsor. Concurrent with its petition, the Company also filed a Joint Prepackaged Chapter 11 Plan of Reorganization and related Disclosure Statement. The Plan encompasses a comprehensive restructuring of the Company’s balance sheet and an acquisition of significant revenue-producing assets.

Specifically, the proposed restructuring contemplates (a) reducing current debt by approximately $1.6 billion, (b) raising capital of approximately $525 million through an equity rights offering and (c) acquiring all deepwater oil and gas assets of Noble Energy located in the Gulf of Mexico. The Company will use the proceeds of the Rights Offering to fund the acquisition, fund the costs and expenses of the Chapter 11 cases and for general working capital after emergence from Chapter 11. The Plan also provides that holders of undisputed general unsecured claims will be paid cash in full.

Fieldwood Energy’s C.E.O., Matt McCarroll, comments, “These developments are the result of extensive negotiations with our lenders and Riverstone as well as Noble Energy, Inc. We appreciate the incredible efforts by all parties involved in structuring this unique plan of reorganization, which we expect to allow the Company to emerge from chapter 11 within the next 60 days with a much stronger balance sheet and greater financial flexibility to grow.” Fieldwood Energy’s Chapter 11 petition indicates assets greater than $1 billion.

Read more Fieldwood Energy bankruptcy news.

The post Fieldwood Energy Prepackaged Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images