Fieldwood Energy’s Joint Prepackaged Chapter 11 Plan became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on April 2, 2018.
According to a corporate press release the Court also approved the Debtors’ acquisition of Noble Energy’s deepwater oil and gas assets in the Gulf of Mexico for a purchase price of $480 million, subject to customary price adjustments.
Weil Gotshal & Manges’ Matthew Barr, counsel to the Debtors, comments, “The three key features of the debtors’ prepackaged plan: (i) a deleveraging of approximately $1.6 billion of second lien debt, (ii) a $525 million rights offering to the prepetition second lien lenders for up to 75% of reorganized Fieldwood Energy Inc.’s equity (subject to dilution by the MIP), backstopped by certain RSA parties including Riverstone and the members of a cross-holder group in exchange for 4.5% of the new equity (subject to dilution by the MIP) and (iii) the acquisition of all of Noble Energy’s deepwater assets in the Gulf of Mexico for a cash purchase price of $480 million, subject to customary price adjustments.”
This privately-held oil and gas acquisition company filed for Chapter 11 protection on February 15, 2018, listing $458 million in pre-petition assets.
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