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

Emerald Oil Chapter 11 Petition Filed

0
0

According to the U.S. Bankruptcy Court docket, Emerald Oil filed for Chapter 11 protection in Wilmington, DE. The Company operates or has royalty or working interests in approximately 100 oil and gas production sites and is represented by Pachulski Stang Ziehl & Jones.

Emerald Oil has entered into a non-binding sale term sheet with The Latium Group serving as a potential stalking horse bidder in connection with a Court-supervised auction of substantially all of the assets of the Debtors.

According to documents filed with the Court, “As a result of…substantial declines in oil and gas prices, the Debtors’ liquidity profile, including its working capital balance and EBITDA, has become dramatically impaired. Simply put, the commodity price decline has severely reduced the revenues that were generated from the sale of the Debtors’ oil and gas production volumes. Further, the sustained price decline has caused the Debtors’ proved developed reserve value to significantly drop while the Debtors’ proved undeveloped reserves have lost all current value. The loss in aggregate value of the Debtors’ proved reserve base has significantly impaired the Debtors’ ability to access both the debt and equity capital markets.”

Read more oil & gas bankruptcy news.

The post Emerald Oil Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images