Cobalt International Energy’s Fourth Amended Joint Chapter 11 Plan (with Technical Modifications) became, effective and the Company emerged from Chapter 11 protection.
The U.S. Bankruptcy Court confirmed the Plan on April 5, 2018. BankruptcyData’s detailed Plan Summary notes, “Based on discussions with potential buyers, the Company believes that affecting these asset sales through an expedient chapter 11 process will maximize ultimate realized value for its stakeholders. Accordingly, the sale of all or substantially all of its assets is the primary focused outcome of this chapter 11 process.”
In addition, “The Plan provides for the sale of all or substantially all of the Debtors’ business through a Sale Transaction….Existing Interests in Cobalt will be deemed cancelled and extinguished, and will be of no further force and effect, whether surrendered for cancelation or otherwise, and there will be no distribution to holders of Interests in Cobalt on account of such Interests.”
This oil and gas exploration company filed for Chapter 11 protection on December 14, 2017, listing $2.2 billion in pre-petition assets.
Read more Cobalt bankruptcy news.