Bankruptcy – Oil & Gas 360

Exclusive-US bank floats plan to repay US investors via Lukoil asset sale, sources say

December 9, 2025

(Investing) – LONDON – U.S. investment bank Xtellus Partners has proposed to the U.S. Treasury that proceeds from the sale of Lukoil’s foreign assets be used to repay American investors who lost money when Russia’s war in Ukraine froze their Lukoil stock holdings, sources said. U.S. asset managers including BlackRock, JP Morgan and Goldman Sachs lost billions of dollars when they had to first freeze and

US judge denies motions to disqualify officers, advisers involved in Citgo auction

November 13, 2025

(Investing) – HOUSTON -A U.S. judge has denied motions filed by Venezuela and Gold Reserve to disqualify him, a court officer and two advising firms overseeing an auction of shares in the parent of U.S. refiner Citgo Petroleum, a court filing showed on Thursday. Toronto-listed miner Gold Reserve, which competed with a bid in the auction, and Citgo’s owner, Venezuela, accused firms

Oilfield services firm Petrofac collapses

October 27, 2025

(Oil Price) – After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract. Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and gas, renewables, and power supply industries.

PDVSA’s U.S. crown jewel slips through Venezuela’s fingers

September 18, 2025

(Oil Price) – The fate of Citgo, the jewel in the crown of Venezuela’s PDVSA, may be decided by the end of this week. The Venezuelan state-owned oil company may lose its prized asset. The creditors that fueled the process that led to the auction for Citgo may be left with empty hands, as well. The U.S.-based refining company used to

Elliott affiliate emerges as frontrunner in Citgo auction, filing says

August 27, 2025

(Investing.com)– A U.S. court officer said on Monday an affiliate of hedge fund Elliott Investment Management made the best bid for the parent of Venezuela-owned refiner Citgo Petroleum, against a group led by miner Gold Reserve previously recommended as the winner. Improved bids emerged in the final stages of the auction of PDV Holding, one of the parents of the

Competing bid received in US auction of shares in Citgo’s parent

August 8, 2025

(Investing) – A U.S. federal court auctioning shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum to pay creditors for expropriations and debt defaults has received a competing bid, an officer overseeing the process said in a filing. A $7.4 billion bid by a group led by a subsidiary of Canadian miner Gold Reserve was recommended last month as winner

Is Venezuela about to lose Citgo, its most prized foreign asset?

July 1, 2025

(Investing.com)– HOUSTON -A U.S. court has completed a second bidding round in a auction of shares in the parent of Venezuela-owned Citgo Petroleum after at least three consortia submitted revised bids in June, raising creditors’ hopes of receiving payment for some of Venezuela’s outstanding debt. The court-organized auction for the seventh-largest U.S. refiner stems from an eight-year-old case that Canadian

US judge extends Citgo auction’s schedule, moves final hearing to August

June 11, 2025

(Investing) – HOUSTON -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process’s final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has endured multiple delays.

US judge extends topping period in Citgo parent’s auction until June 2

May 27, 2025

(Investing) – HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds’ affiliate Red Tree

Basic Energy Services to cut nearly 500 Texas jobs following bankruptcy

August 30, 2021

Reuters Oilfield services provider Basic Energy Services will cut about 500 jobs in Texas, according to a filing with the state’s workforce commission, as the company works through Chapter 11 restructuring that includes asset sales. The job cuts are focused throughout Texas, with 135 positions eliminated in Howard county in west Texas and 120 in Tarrant County, where its headquarters

U.S. Chesapeake Energy says no board members interviewing to take up CEO post

May 12, 2021

Reuters Chesapeake Energy Corp CHK.O said on Wednesday no members of its board of directors were interviewing to take over from former chief executive Doug Lawler, who resigned last month after leading the company through its Chapter 11 bankruptcy. Interim-CEO Mike Wichterich said the search for a replacement would take a few months, adding that Lawler had not left because of

Texas electricity firm files for bankruptcy citing $1.8 billion in claims from grid operator

March 1, 2021

Reuters HOUSTON- Texas’s largest and oldest electric power cooperative on Monday filed for bankruptcy protection in federal court in Houston, citing a disputed $1.8 billion bill from the state’s grid operator. Brazos Electric Power Cooperative Inc, which supplies electricity to more than 660,000 consumers across the state, is one of dozens of providers facing enormous charges stemming from a severe

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