According to a corporate release Venoco announced that the U.S. Bankruptcy Court has indicated that it will enter an order confirming Venoco’s First Amended Joint Plan of Reorganization.
The Company notes that this Plan will eliminate approximately $1 billion of debt from its balance sheet and better position it for long-term success. Venoco will retain its leadership team and energy-producing assets. The Company had continued its normal oil and gas activities and to meet its ongoing financial and regulatory obligations throughout the restructuring and will continue to do so going forward. Venoco notes that its emergence from Chapter 11 protection, which is anticipated later this month, “is expected to be relatively seamless.”
Mark DePuy, Venoco’s C.E.O., notes, “Venoco is emerging from this process a stronger company with the same core values that have driven our success in the past: operational excellence, outstanding employees and a strong commitment to safety, environmental protection and the communities in which we operate. The low price of oil and the ongoing closure of Plains All American pipeline 901 continue to be serious problems. With this restructuring, Venoco is in a much stronger position to withstand these challenges and others that may follow. We look forward to tackling these challenges in the days ahead.”
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