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Tag Archives: chapter 11 bankruptcy

Oil below $40 forces Texas driller into bankruptcy

Oil below $40 forces Texas driller into bankruptcy

A Fort Worth oil company became the 18th driller in Texas to succumb to the oil slump. Energy & Exploration Partners announced that it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in order to deleverage its balance sheet and achieve a viable capital structure for building long-term value. The company said capital markets have closed ...

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Energy Future, creditors reach settlement over bankruptcy plan

Texas’s biggest power company, Energy Future Holdings Corp, has reached a settlement with the last group of creditors opposed to its Chapter 11 bankruptcy plan, increasing the likelihood the plan will be confirmed. The company said in court filings late Monday it had reached settlements with the official creditors committee of Energy Future Holdings, as well as a representative for ...

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Magnum Hunter warns of bankruptcy for gas companies

About a month after Magnum Hunter Resources Corp. said it had hired advisers to help boost the struggling company’s financial position, the oil and gas producer warned that it may be heading toward bankruptcy. It joins other oil and gas companies reeling from the body blows dealt by plummeting commodity prices — many have announced layoffs, suspended drilling in some ...

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Mines delinquent on taxes big part of Kanawha County budget deficit

Four mines, all owned by Alpha Natural Resources, owe Kanawha County $250,000 in taxes, almost 42 percent of the county’s budget deficit. “It’s disappointing,” said Kanawha County Commissioner Dave Hardy. “It’s very disappointing and it’s a sign of the state that the industry is in right now.” Alpha Natural Resources filed Chapter 11 bankruptcy in August and owes about $790,000 ...

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More companies operating in Bakken oil patch file bankruptcy

BISMARCK, N.D. — Two more energy companies operating in North Dakota’s Bakken oil patch have filed for Chapter 11 bankruptcy in the midst of slumping crude prices. The Bismarck Tribune reports Tulsa, Oklahoma-based Samson Resources and Denver-based American Eagle Energy plan to sell off Bakken assets to pay debts. Between June and late September, 10 oil and gas companies filed ...

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KKR’s Samson Resources files for bankruptcy, lenders to take control

Oil and gas producer Samson Resources Corp filed for Chapter 11 bankruptcy protection on Wednesday to carry out a debt-cutting plan reached with key lenders, who will assume control of the company. The company, owned by private-equity firm KKR & Co, listed assets and liabilities of more than $1 billion in its bankruptcy filing. Samson’s bankruptcy comes four years after ...

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Sullivan resigns from Alpha

Brian Sullivan resigned from his position of CEO and vice president at Alpha Natural Resources last week, nearly a month after the coal company filed for Chapter 11 Bankruptcy. Sullivan has yet to comment on his departure, but the Pittsburgh Business Times reports a filing with the Securities and Exchange said he left the company to “pursue another employment opportunity.” ...

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West Virginia coal mining complexes are on the market

Patriot Coal has shared its plans to sell its West Virginia mining complexes. The company, which is currently in the middle of a Chapter 11 bankruptcy case, announced its plans ”to file the purchase agreement with ERP Compliant Fuels LLC, a subsidiary of Virginia Conservation Legacy Fund Inc.,” which is a nonprofit organization, in federal bankruptcy court, reports the Pittsburgh ...

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Landowner mans Primera’s last operating well

Caught up in a heated fraud lawsuit and pending Chapter 11 bankruptcy, Primera Energy owes its remaining production to Gonzales County landowner Bill Seger. According to the San Antonio Business Journal, Seger’s acreage near Waelder is home to Screaming Eagle B4H, Primera’s sole well still in production. Seger not only owns the land the well pumps, but also single-handedly operates ...

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