According to a corporate release, Emerald Oil officially completed the Section 363 sale process after completing all required actions and satisfying the conditions of its bankruptcy sale plan.
The Company notes, “Constructively working with its creditors and stakeholders, the Company reduced its long-term debt by approximately $278 million. The Company’s improved liquidity and debt-free balance sheet will enable the Company to develop its assets in the Bakken shale and maximize the value of its leasehold.”
The release notes that the Company will operate under the new name National Oil Production Company, LLC and is majority owned by Crestline Investors and Fir Tree Partners. Emerald Oil continues to operate under Chapter 11 protection and has not yet filed a proposed plan or disclosure statement with the U.S. Bankruptcy Court.
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