New Delaware Chapter 11 Filing – Emerald Oil, Inc. et al.
Emerald Oil, Inc. (NYSE: EOX) and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-10704). The debtors are a Denver-based exploration and production company focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. The debtors’ cases have been assigned to the Honorable Kevin Gross. The debtors have indicated that they intend to sell substantially all of their assets and have entered into a sale term sheet with a stalking horse bidder and will seek approval of $20 million in debtor-in-possession financing. The petitions (including the consolidated list of top 30 creditors), the first day declaration and the docket are available through Donlin Recano. The debtors have issued a press release regarding their restructuring.
Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino 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.