New Delaware Chapter 11 Filing – Venoco, Inc. and Its Affiliates
Venoco, Inc. and six of its affiliates, which engage in the acquisition, exploration, and development of oil and gas properties, have commenced cases (Lead Case No. 16-10655 (KG)) under Chapter 11 of the Bankruptcy Code by filing petitions with the U.S. Bankruptcy Court for the District of Delaware. The Honorable Kevin Gross will preside over the cases. The debtors have asked the Court to authorize them to obtain postpetition financing from entities that Apollo Capital Management L.P. or one of its affiliates owns or manages. Further, according to that motion, as well as a first-day declaration, the debtors’ senior lenders have agreed to support a plan of reorganization. Additional information on all these cases is available from BMC Group, Inc.’s website.
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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