According to the U.S. Bankruptcy Court docket, BPZ Resources and three affiliated Debtors filed for Chapter 11 protection in the Southern District of Texas, lead case number 15-60016. The Company, which focuses on the exploration, development and production of oil and natural gas in Peru and Ecuador, is represented by Walter J. Cicack of Hawash Meade Gaston Neese & Cicack. None of the Company’s direct or indirect subsidiaries has filed for reorganization under Chapter 11.
BPZ Resources’ president and chief executive officer, Manolo Zuniga, states, “Given the industry downturn and our inability to find a suitable financing resolution to our current debt maturity and interest payments, it has become necessary to pursue the Chapter 11 process. Our efforts to negotiate additional financing to fund business activities and pursue identified strategic alternatives were further impeded when oil prices plummeted and production growth faltered, creating additional obstacles to our restructuring efforts.”
Read more about the BPZR bankruptcy proceeding.