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New Source Energy Partners Chapter 7 Petition Filed

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According to the U.S. Bankruptcy Court, New Source Energy Partners and New Source Energy GP filed for Chapter 7 protection in Wilmington, DE. The Company, which is engaged in the development and production of onshore oil and natural gas properties, is represented by Derek C. Abbott of Morris, Nichols, Arsht & Tunnell.

The Chapter 7 petition notes, “After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors.” Carl Wimberley, a partner with energy consulting firm Opportune, is serving as New Source Energy Partners’ chief restructuring officer. The Company’s most recent Annual Report filed with the SEC indicates total assets of $378 million; however, the Chapter 7 petition indicates $50 to 100 million in assets.

Read more oil & gas bankruptcy news.

 

The post New Source Energy Partners Chapter 7 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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