Bankruptcy – Page 3 – Oil & Gas 360

Sears Sues Former CEO, his Hedge Fund, and U.S. Treasury Secretary Steven Mnuchin for Stripping Sears of Assets Worth Billions as it Headed to Bankruptcy

April 18, 2019

Lawsuit alleges property was fraudulently transferred From the Chicago Tribune Sears Holdings Corp. has filed a lawsuit against its former chairman and CEO, Edward Lampert, and his hedge fund, claiming they wrongly siphoned $2 billion in assets from the company as it headed for bankruptcy. “Had defendants not taken these illegal and improper actions, Sears would have had billions of dollars

Coal Mining’s Decline: Bankruptcy Judge Strips Retiree Healthcare and Union Contract, Introduces Virginia Businessman to Wyoming Coal

February 18, 2019

From the Casper Star-Tribune Westmoreland Coal’s path in Wyoming The bankruptcy judge in the Westmoreland case ruled in favor of the coal firm Friday, which had sought to eliminate retiree health benefits and break the Kemmerer coal mine’s union contract. Miners lost on both counts, though now the buyer of the Kemmerer mine will be obligated to bargain a new contract

PetroQuest Emerges from Bankruptcy, Announces 2018 Estimated Proved Oil and Gas Reserves, Production

February 11, 2019

PetroQuest Energy Announces Successful Completion of Financial Restructuring; Provides 2018 Estimated Proved Oil and Gas Reserves and Production

Bankruptcy of Electric Utility Threatens Renewables’ Contracts, Financial Health

February 4, 2019

From E&E News A contract to sell electricity to Pacific Gas and Electric Co., California’s largest utility, was historically the gold standard in the renewables business. Not anymore. The San Francisco-based power company’s bankruptcy has thrown the Golden State’s renewable market into flux, creating uncertainty for an industry shouldering much of the burden associated with greening California’s economy. Analysts do

The Biggest Unanswered Questions for Bankruptcy-bound PG&E

January 15, 2019

From The New York Times If you’ve been following the saga of the state’s largest utility over the last few months — or even the last couple of years — then Monday’s news that Pacific Gas and Electric plans to file for bankruptcy protection might’ve felt like a long-anticipated endpoint. PG&E has faced mounting scrutiny over the role its equipment has played

U.S.’s Oldest Independent Coal Producer Files Bankruptcy

October 11, 2018

From Power Magazine Colorado-based Westmoreland Coal Co. on October 9 said it had filed for Chapter 11 bankruptcy, with the company reporting more than $1.4 billion in debt. The company in its annual financial report in April of this year said it was considering bankruptcy in an effort to protect it from creditors. Westmoreland, which has operated for 164 years,

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

April 11, 2018

Debt involved in oil and gas company bankruptcies since 2015 totals $90 billion International corporate law firm Haynes and Boone has tracked 144 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and Canadian cases, involve approximately $90.2 billion in cumulative secured and unsecured

East Coast Refiner Files Bankruptcy, Says Emergence Depends on Shedding Cost of Federal Government Mandated Renewable Fuel Standard

January 23, 2018

PES said the cost of RINs in 2017 alone was $218 million, more than every cost besides crude oil Company invested in a new North Dakota rail terminal to benefit from discounted Bakken crude prices From Reuters NEW YORK (Reuters) – Philadelphia Energy Solutions, owner of the largest U.S. East Coast refinery, said on Monday its plan to get out

Basic Energy Services Exits Chapter 11

December 29, 2016

Basic Energy Services emerges from bankruptcy with $125 million in new capital, and erases $775 million in debt Fort Worth-based Basic Energy Services (ticker: BAS) announced this month that the company has successfully completed its prepackaged restructuring. The company will exit Chapter 11 with $125 million in new capital, and with its debt level reduced by $775 million, according to

More than 100 Oil and Gas Operators have Filed for Bankruptcy as of August

September 15, 2016

Oil & Gas Bankruptcy Continues to Climb to $50.4 Billion in August Three more companies joined the ranks of those that have filed for Chapter 11 bankruptcy protection since the fall in oil prices. The three companies had combined debt of approximately $367 million, bringing the total number of oil and gas producers to file for bankruptcy in 2016 to

Energy Bankruptcies: We’ve only Seen a Third of Them

August 31, 2016

90 oil and gas operators with more than $60 billion in debt have already filed for bankruptcy: here’s what it’s like Depressed oil prices that are unable to support heavy debt loads have pushed 90 oil and gas companies into Chapter 11 since the beginning to of 2015, according to the Haynes and Boone Bankruptcy Monitor. These companies have approximately

Haynes and Boone Releases Latest Edition of Bankruptcy Monitor

August 5, 2016

Bankruptcy has been a word that has made denizens of the oil patch cringe in the last year and half. As oil price has declined, bankruptcies have stacked up. Fortunately for those following oil and gas companies, the ladies and gentlemen at Haynes and Boone have kept up to speed on the goings-on in the oil patch, and in the

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