Cobalt International Energy and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-36709. The Company, which explores and produces oil and gas, is represented by Zack A. Clement of Zack A. Clement PLLC.
A corporate release notes that the Company expects to conduct business in the ordinary course, and its cash on hand is expected to provide Cobalt International Energy with adequate liquidity to fund its operations during the restructuring process. The Company explains, “Cobalt has been engaged in constructive discussions with its first lien noteholders, second lien noteholders, unsecured noteholders and their respective advisors regarding the need for, sponsorship of, and terms of a restructuring and proposed sale of Cobalt’s assets. Cobalt plans to utilize the Chapter 11 Cases to continue and complete these discussions with key stakeholders and evaluate other value-maximizing opportunities to facilitate an expedited restructuring that will deliver maximum value to its stakeholders.”
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