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Worthington Energy Prepackaged Bankruptcy

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Worthington Energy (f/k/a Paxton Energy) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of California, case number 18-02702.

The Company, which acquires, explores and develops oil and gas-related properties, is represented by Daniel Masters of the Law Office of Daniel Masters. Concurrent with the Chapter 11 petition, the Company also filed a Joint Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “This is a reorganizing Plan. Among other things, the Joint Plan of Reorganization involves a series of transactions and events that will result in the Debtor forming a successor corporation which will emerge from Chapter 11 proceedings after abandoning the Debtor’s old business…and will then acquire a new business.”

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


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