Offshore staff
HOUSTON – Fieldwood Energy LLC and certain affiliates has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.
The company will continue to operate its business in the normal course during the pendency of the Chapter 11 cases and will continue working with its vendors, co-working interest owners, and employees to support the operations.
The company said it expects to have access to sufficient liquidity to meet financial obligations during the restructuring, including cash on hand and a debtor-in-possession facility provided by certain of its first lien term loan lenders.
The Chapter 11 process will encompass a comprehensive restructuring of the company. Fieldwood entered into a restructuring support agreement with the support of key members of the company’s lender group, including holders of about two-thirds of the obligations under its first lien term loan facility.
It has filed a series of motions with the Bankruptcy Court which, when granted, are expected to enable the company to maintain its operations as usual throughout the restructuring process.
08/05/2020
