Bankruptcy – Oil & Gas 360

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

Chesapeake Energy Corporation successfully emerges from financial restructuring

February 9, 2021

Oil and Gas 360 OKLAHOMA CITY, Feb. 9, 2021 /PRNewswire/ — Chesapeake Energy Corporation (NASDAQ: CHK) announced today that it has successfully concluded its restructuring process and emerged from Chapter 11, satisfying all conditions precedent under its Plan of Reorganization (the “Plan”). Highlights of the reorganized Chesapeake include: Anticipated cumulative free cash flow of more than $2 billion over the

Chesapeake Energy cuts 15% of workers as it emerges from bankruptcy

February 4, 2021

Reuters U.S. shale oil and gas producer Chesapeake Energy Corp plans to cut 15% of its workforce, an email sent to employees revealed, as it closes on new financing that will allow it to emerge from bankruptcy court protection next week. Once the second-largest U.S. natural gas producer, Chesapeake was felled by a long slide in gas prices. The company

Shale gas pioneer Chesapeake Energy worth $5.13 billion on bankruptcy exit -U.S. judge

January 11, 2021

Reuters HOUSTON – Chesapeake Energy Corp’s value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer’s trial indicated, and is worth $5.13 billion, far above the shale gas pioneer’s estimate. Creditors have offered sharply different estimates of the firm’s enterprise value during its trial in U.S. bankruptcy court in Houston. Judge David Jones’s figure

UTEX Industries Emerges from Chapter 11 with $700 Million Less Debt, Additional Financing, and Significantly Strengthened Balance Sheet

December 3, 2020

UTEX Industries Emerges from Chapter 11 with $700 Million Less Debt, Additional Financing…

Western Anadarko Basin Assets Formerly Known and Managed as FourPoint Energy are Renamed and Merged into new Maverick Natural Resources Subsidiary Unbridled Resources

December 2, 2020

360 Feed Wire Denver, December 2 – FourPoint Energy, LLC (“FourPoint or the “Company”) announced today the Company and its Western Anadarko Basin Assets have been renamed Unbridled Resources, LLC (“Unbridled”) and merged with a subsidiary of Maverick Natural Resources (“Maverick”). Over the course of several months, FourPoint has been in negotiations with its key stakeholders to reduce its debt

Lonestar Resources US Inc. Successfully Completes Restructuring

December 1, 2020

Lonestar Resources US Inc. (the “Company” or “Lonestar”) to…

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