New Delaware Chapter 11 Filing – Adams Resources Exploration Company
Adams Resources Exploration Company, an oil and gas exploration and production company based in Houston, Texas, has filed a voluntary petition for relief under Chapter 11 under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 17-0866-KG). The Debtor is a subsidiary of Adams Resources & Energy (NYSE MKT: AE), whose primary operations are as a midstream oil and gas transporter. According to a press release issued by Adams R&E, the Debtor plans to sell its non-operated working interest in approximately 470 wells located in the Permian Basin, Haynesville Shale and across the Gulf Coast. The Debtor’s petition estimates it assets between $1–$10 million and its liabilities between $50–$100 million. The case has been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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